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PUK Ventures invests 750,000 pounds in Monica Healthcare
By siliconindia
London: PUK Ventures, the venture capital business of Partnerships U.K., has completed an investment of 750,000 pounds of a total 1.1 Million pounds funding round in Monica Healthcare. Monica is a spin out company from the University of Nottingham which has developed miniature, wireless technology which can successfully monitor the well-being of a mother and her unborn baby.
The non-invasive wireless technology allows monitoring of the fetus and mother for extended periods of time and allows the mother to move around as normal. Existing techniques such as Ultrasound are not very effective in uninterrupted monitoring over longer periods of time and restrict mothers' movement. The device is CE marked and is available throughout Europe, the Gulf states and Australia through Monica-appointed distributors.
The investors in this round of funding (1.175 million pounds) are PUK Ventures (750,000 pounds), Catapult Venture Managers (300,000 pounds) and University of Nottingham (100,000 pounds) with private investors contributing a further 25000 pounds. Proceeds will be used towards expansion of Monica activities in the U.S. and other international markets.
Christina McComb, Head of PUK Ventures said, "PUK Ventures believes that Monica's technology will make a real difference to the quality of care available to expectant mothers and their babies. We are pleased to support the company through the next phase of its international expansion".
Jonathan Earl, Investment Director at Catapult Venture Managers, commented, "This funding round takes our cumulative investment in Monica to one million pounds. We are delighted both with the progress that the company has made since our original investment four years ago and to further support the continued growth".
Paul Harper, Chairman of Monica said "Monica's technology has potential to make a real difference and the support of PUK Ventures and our existing investors is greatly appreciated at this critical juncture which will see expansion into key markets."