A company whose simulation software enables medical staff to train to use laboratory equipment and troubleshoot problems has raised a further £1m.
NPIF – Mercia Equity Finance, which is managed by Mercia and is part of the Northern Powerhouse Investment Fund, has invested £500,000 matched by £500,000 from Finance Yorkshire’s Seedcorn Fund.
Envoke’s clients include leading device manufacturers such as Bio-Rad, Waters Corporation, PacBio, Grifols and the Terumo Group, and the system is now used in laboratories worldwide including in the NHS and other health services as well as leading universities.
Envoke was founded in 2019 by Stuart Warrington and arose from his film and animation production firm. The platform was originally designed for product demonstrations, however it was soon evident that there was an even greater need for a system that could deliver remote training and aftersales.
The Leeds-based company secured £1m from Mercia and NPIF in 2023 to further develop the platform to meet the demand. Following the launch of the new module late last year, the company has won a host of new clients and as a result, has almost doubled its annual recurring revenue in the past 12 months.
The latest funding will allow the business to further enhance the system, boost sales and marketing and roll it out to more customers in the run-up to a Series A investment. Envoke, which currently employs 11 staff, plans to create two new jobs in the coming months.
Stuart Warrington, CEO, said: “Healthcare services worldwide rely on rapid and accurate laboratory testing. However training staff is costly, and machine downtime is commonplace, often due to operator error or simple faults that could easily be fixed with the right support.
“We believe our platform will dramatically improve productivity by enhancing staff skills and keeping equipment up and running, while also reducing warranty costs for manufacturers.”
Dawn Tyler of Mercia Ventures added: “Envoke’s pioneering platform could transform training for laboratory staff in the same way the flight simulator did for pilots. Our initial investment enabled the team to develop this latest version, which has attracted strong interest from the healthcare industry.
“We are pleased to support the company once again, and welcome on board Finance Yorkshire as a new investment partner.”
Finance Yorkshire CEO Alex McWhirter said: “Envoke’s success is to be applauded as part of the growing technology and AI sector in Yorkshire and Humber. Finance Yorkshire is pleased to support Envoke as it embarks on the next chapter in its growth strategy.”
