Inotec has secured 拢7m funding.
The Cambridge firm has developed a Natrox device which uses pure humidified oxygen to heal and treat complex chronic wounds.
Following successful clinical trials, Inotec AMD is looking to expand its foothold in the US, Asia, the Middle East and Europe.
The business currently provides products to the NHS and health providers in key markets including the US, Italy, Southeast Asia and the Middle East.
CEO Craig Kennedy said: 鈥淭he UK alone spends 拢3.1 billion treating chronic wounds each year, while the US spends $50 billion.
鈥淎dd to this the significant escalation in costs, not to mention the considerable distress to patients and families if the only course of treatment for non-healing wounds is amputation. It鈥檚 clear that there鈥檚 a real need for innovation and new solutions in this area.
鈥淲e鈥檙e proud to have developed a product with the potential to revolutionise wound care and significantly minimise pain and suffering for millions of patients worldwide. Our next step is to continue our momentum and expand into new territories.
鈥淲e鈥檝e been impressed by Andy and the Praetura team鈥檚 understanding of the barriers and opportunities in our sector, and we鈥檙e confident that their support will help us to accelerate our growth strategy.鈥�
Praetura Ventures led the investment round.
Existing investors Amadeus Capital Partners, Puhua Capital, Boundary Capital and a group of high-net-worth angel investors joined lead investor Praetura Ventures in the round.
Dr Andy Round, director and life sciences specialist at Praetura Ventures, will join the firm鈥檚 board.