Octopus

Octopus Ventures invests in groundbreaking metal detection innovator

04 March 2010

Octopus Ventures has invested £1.5 million into Metrasens Ltd, a technology business specialising in metal detection products for the healthcare and security markets.

Metrasens was founded in June 2005 by two former QinetiQ employees. Its core technology was developed within QinetiQ, with whom the business maintains strong links. As a result, it is able to take advantage of over 20 years experience at the forefront of magnetics and metal detection technology.

Investment from Octopus will enable Metrasens to further develop and enhance its already popular Ferroguard® MRI detection system, being used to reduce the likelihood of injuries caused by projectiles in MRI units in both the USA and Europe. The system provides both visual and audible alarms when ferromagnetic material is detected near MRI units. Preventing this type of material from entering MRI rooms can increase safety and decrease potential costs. Funding will also aid sales of its FG1 Portable Security Pole designed for multiple niche applications, such as street knife detection operations by police forces.

The funds were provided by the Octopus Titan VCT 1, Titan VCT 2 and Titan VCT 3 Funds, together with the Octopus Eureka EIS Portfolio Service and the Octopus Investor Group.

With an established global market need for the Company's Ferroguard® MRI product, early indications suggest that the worldwide market could be worth in excess of £1.1 billion particularly due to tighter regulation of MRI facility design, combined with President Obama's reforms to reduce the cost of healthcare in the US and the tougher economic environment.

Alex Macpherson, Chief Executive of Octopus Ventures, said: "We were particularly impressed with Metrasens' strategy for growth in the UK and US markets and are delighted to be working with the Company. With investment from Octopus, we are confident Metrasens is well positioned to significantly enhance its market reach and product range, whilst delivering on customer needs and broadening its customer base."

Simon Goodyear, CEO, Metrasens, said: "This is an exciting stage in the development of Metrasens, the investment will enable us to implement our ambitious plans for growth. The experience that comes alongside the investment from Octopus will ensure that Metrasens can successfully deliver on the planned expansion in the US medical market and further develop its product lines into the security sector."

Luke Hakes led the deal on behalf of Octopus. Shoosmiths were legal advisers to Octopus.

Latest News

Octopus Ventures invests in groundbreaking metal detection innovator