19th May 2014 12:25
LONDON (Alliance News) - A vital signs software developer spun out from the University of Oxford's Institute of Biomedical Engineering on Monday said IP Group PLC was one of the investors to commit to its latest funding round.
In a statement, Oxehealth said it secured GBP2.0 million from IP Group PLC, IP Venture Fund II LP - which is one of IP Group's managed funds - and Ora Capital Partners Ltd.
The company's patented Oxecam clinical technology, developed by Professor Lionel Tarassenko, enables a digital video camera, tablet or phone to monitor the vital signs of an individual, without the need for physical contact or expensive proprietary equipment.
Oxehealth says the technology has the potential to increase patient safety and to save nursing time otherwise spent manually collecting and recording vital signs. The funds will be used to support the development of specific applications and prototypes as well as the extension of the core technology.
Ora Executive Chairman Richard Griffiths, who was an early investor in IP Group PLC, also has invested in other IP Group portfolio companies, including Oxford Nanopore Technologies Ltd and Tissue Regenix Group PLC.
Oxehealth Chairman Allan Wood and Chief Executive Jonathan Chevallier also invested in the current round.
IP Group shares were Monday quoted at 167.00 pence, up 1.2%.
By Samuel Agini; [email protected]; @samuelagini
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