Capital worked with NCL Technology Ventures, the manager of a £50m venture capital fund that focuses on the life sciences sector, on its investment into Project Andiamo Ltd, a revolutionary 3D-printing business.
Naveed and Samiya Parvez set up Andiamo following the death of their son, who had cerebral palsy, to improve the process that people with the condition experience when being measured for splints and braces.
The traditional plaster cast method is painful, time-consuming and expensive. But, Andiamo’s handheld 3D scanner measures a person’s entire body in around one minute and gives an accurate measurement, minimising the need for patients to get refits. The 3D-printed orthosis is light, processed quickly and costs significantly less than other options currently available.
It’s the only product of its type that focuses on paediatrics and, according to market research, the global custom-made-orthotics market will be worth £2.7bn by 2020.
Capital provided legal advice to NCL on its £500,000 investment into the company, working closely with Jonathan Synett, NCL’s Investment Director. The deal also included an investment into a Polish subsidiary by a co-investor.
This investment will be key to Andiamo’s ambitious growth plans. Andiamo currently has 30 patients, and plans to have 100 more within 18 months, treating 15 million children in the next 10 years.
Speaking about the investment, Jonathan Synett said:
“Our investment in Andiamo is a fantastic example of what our new fund is set up to do. The company has the potential to make a real difference with its revolutionary medical technology.
We want to work with investee companies to make the process as smooth as possible and we need lawyers that are sensible, efficient, and understand the expectations of fast moving tech companies in closing out funding rounds. We are very glad we have advisers in Capital to support us through the process, and are already looking forward to working with them on future investments.”
Jordan Thomas, who worked on the deal, said, “This is an exciting investment into a company which has huge potential and can transform this area of paediatric medicine. It’s been an absolute pleasure to work with NCL on this project and we look forward to watching the company flourish.”
Naveed and Samiya Parvez built a business so that other families wouldn’t have to suffer what they did. The couple set up healthcare service Andiamo following the death of their nine-year-old son, Diamo. Diamo had cerebral palsy and relied on braces and splints, known as orthoses, to support and protect his body. The process of getting fitted for orthoses caused Diamo and his family so much distress that Naveed and Samiya became determined to find an alternative.