Belfast tech firm raises £2.4m of funding for US expansion
A BELFAST-based medical technology firm has raised £2.4 million of funding, which will support eight new jobs.
Axial3D, which has developed an automated 3D printing solution for the healthcare sector, has secured the significant investment following a successful funding round, led by London investor, Imprimatur Capital Fund Management.
Internationally the round was supported by a US cohort of angel investors, made up predominantly of surgeons, while at a local level, axial3D was further supported by its initial investor - Techstart Ventures.
Other early stage investors include; Clarendon Fund Management, through its Invest NI fund, Co-Fund NI, and Innovation Ulster.
The money raised will support the creation of eight new jobs, further R&D and drive expansion into key markets, including the USA.
Daniel Crawford, CEO at axial3D said the investment marks an "important milestone" for the company.
"It will accelerate our growth within new markets and enable us to bring our 3D printing solution to more healthcare organisations, helping them to drive down costs, improve compliance and ultimately, enhance patient care," he said.
“Continuous innovation is crucial to bring the best solutions to market and keep up with customer demand."
John Murray, investment director of Techstart Ventures added:
“This marks a significant funding milestone for Dan and the axial3D team. Their groundbreaking work has the potential to change surgery at a global level and we look forward to supporting the company in achieving its future ambitions.”
The global 3D printing medical devices market is set to grow by almost a quarter in the next five years, largely due to the increasing adoption of 3D printing technology within the medical sector.