NuroKor听BioElectronics听has announced plans to double its team听and further its international expansion.听
The听HealthTech company, based in London,听has听enjoyed听12 months of rapid growth.听
NuroKor, which pioneers wearable technology that uses bioelectric听nerve, muscle and microcurrent stimulation to help manage pain and optimise physical performance, has kickstarted the year by opening a state-of-the-art research and development base in Cardiff.听听
Located in the听Tramshed听Tech hub and creating a series of jobs听across the business, the new site will be dedicated to advancing听狈耻谤辞碍辞谤鈥檚听clinical programme and forging closer relationships with key academic, research and NHS partners.听
Currently the only life science company of its kind,听狈耻谤辞碍辞谤鈥檚听technology听is distributed across eight countries worldwide and will this year be breaking into the US market in a major new partnership with Medi-Launch Partners.听听
The US firm, which specialises in the launch and distribution of听pioneering medical devices, will be working with听NuroKor听to optimise the commercial success of听狈耻谤辞碍辞谤鈥檚听mibody听device and newly developed听mediliev听Rx across the US through听over-the-counter听and prescription avenues to support chronic pain management and recovery.听听
鈥淚t鈥檚 been an exceptional 12 months for听NuroKor听and we have some huge developments in the pipeline. Our new research and development centre in Cardiff will play a pivotal role in our expansion over the coming year,鈥� said founder and CEO Rick Rowan (below).
鈥淏eing part of the听Tramshed听Tech hub is incredibly exciting – it鈥檚听a hotbed for innovation and creativity and we鈥檒l be surrounded by several other high-growth and ambitious tech start–ups.听听
鈥�There鈥檚 also a huge amount of talent in Cardiff, so we look forward to welcoming听a number of new team members in a range of roles to support听our research and development programme.听
鈥淚t听goes without saying that it has been an incredibly challenging time for the healthcare industry of late, but despite the effects of the pandemic, it has been an extremely busy period of growth for us.听
鈥�During the peak of lockdown (May-October), our half year听sales figures were up 156% on the previous year, demonstrating how the听HealthTech ecosystem in the UK is thriving in the face of great adversity.鈥�听
Over the past 12 months, the company has secured financial backing听from 28 healthcare professionals – including surgeons, physicians, physiotherapists and pharmacists – taking its overall total to more than 60 investors.听听
The business has also raised 拢2m under SEIS and EIS advance assurance in the lead up to 拢12m Series A raise,听which will be taking place this year.听
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Once the Series A funding is finalised, it will be used to activate听the business鈥檚 24-48 month roadmap, which will include the development of biosensor feedback, AI and machine learning algorithms.听
Dr Ashish Shetty, chief medical officer, pain and听neuromodulation, at听NuroKor听added:听鈥淎s people鈥檚 attitudes and expectations towards receiving healthcare听treatments continue to change in line with the ramifications of COVID-19, remote monitoring and interventional solutions, like the听NuroKor听devices, are becoming increasingly important.听听
鈥�Our technology allows patients to manage their chronic and acute pain without听the direct involvement of medical professionals – meaning patients can benefit from greater treatment control and our NHS can focus on more urgent and pressing matters.鈥�听
Launched in 2018,听NuroKor听was founded by Rowan,听who spotted听the immense and underdeveloped potential of bioelectric technology while searching for an alternative therapy to treat his 30-year chronic back pain.听听
Today,听NuroKor听produces a range of wearable devices that combine three听clinically-proven听bioelectric technologies听into compact, wearable and easy-to-use designs. It can target users鈥� acute and chronic pain, optimise recovery and rehabilitation and increase performance.听听
Over 50 Olympians and elite level athletes use听狈耻谤辞碍辞谤鈥檚听technology,听and the business now has seven vertical听subsidiaries;听LifeTech, Equine,听WoundTech,听FemTech, Human Performance, Aesthetics and Anaesthetics.听
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