The Venture Codex

Led · Series C · Dec 2024

Inotec develops NATROX O₂, a compact, wearable continuous topical oxygen (cTOT) device that delivers a continuous flow of oxygen directly to the wound bed to accelerate healing and enable treatment in clinical and home-care settings. The non‑invasive device is designed to work with most standard secondary dressings and can be used during any phase of healing. The company was founded in 2003 in Cambridge and says NATROX O₂ is authorised to sell in 46 countries. Inotec addresses a large unmet need—more than 100 million people worldwide suffer from wounds that will not heal, with wound care costing an estimated $97 billion annually in the US. The business recently secured financing to support broader access and organisational growth. Proceeds from the latest round will be used to secure national reimbursement in the US and to expand the company’s leadership team and global capabilities. Inotec AMD is a Cambridge, UK-based medtech business that developed Natrox, a product that uses pure humidified oxygen to treat a range of chronic wounds, from diabetic and venous ulcers to non-healing surgical wounds. The company provides products to the NHS and to health providers in key markets including the US, Italy, Southeast Asia and the Middle East, and maintains a US office in North Carolina. Following several clinical trials, Inotec AMD is looking to expand its foothold in the US, Asia, the Middle East and Europe. The business secured £7m in funding to build on recent growth and target new international markets. Leadership includes CEO Craig Kennedy and chairman Dr Adrian Patron MBE. Inotec AMD develops the compact, wearable NATROX™ system that provides a continuous supply of pure humidified oxygen to wounds. The company was established in 2005 by Professor Derek Fray and Mel Vinton and is led by CEO Trevor Stanley. NATROX™ is CE marked and FDA approved and in preliminary trials has been shown to reduce chronic wound size substantially within weeks, with many patients’ wounds reaching complete healing. Inotec plans to use new funding to carry out large-scale clinical trials outside the UK and to broaden the scope of application of its NATROX™ product family. The company also intends to establish commercial agreements and expand its international presence. The article does not disclose operating metrics or revenue figures.

Participated · Series A · Sep 2024

Anaphite is an advanced materials company commercialising a Dry Coating Precursor (DCP) platform for lithium-ion battery electrodes. Its process applies cathode and anode materials without solvents or the energy-intensive drying stages used in conventional manufacturing, lowering both production costs and carbon emissions. The company estimates that dry-coating battery anodes can reduce factory floor space by about 15 % and is targeting electrode mixing and coating steps that currently account for 30–40 % of a cell plant’s energy use and cost. By enabling dry-coated lithium-iron-phosphate (LFP) electrodes—which are presently more than twice as energy-intensive to manufacture per kWh than nickel-rich NMC cathodes—Anaphite aims to deliver substantial efficiency gains to battery cell makers and EV OEMs. The firm has just secured £1.4 million in fresh capital to advance and scale its technology. Management believes achieving industrial-scale dry-coated LFP electrodes will create significant value across the battery supply chain.

Led · Equity · May 2024

Medi2data builds clinical operating systems and services that simplify the transaction of consented patient medical data from different NHS data sources to clients for risk assessment and reporting. Its platform is built on the same clinical coding structure used by government healthcare platforms in the UK and other markets—including the US, Australia, South Africa and much of Europe—enabling targeted, accurate medical reporting. The company’s technology and services are used by thousands of GP surgeries across the UK. Medi2data plans to use new funding to build out team and infrastructure to convert and service a multi‑million‑pound pipeline in the UK and to support its international footprint. The team comprises 53 full‑time employees and operates offices in Cardiff and London, with a technical engineering team recently established in Cape Town, South Africa. The company was founded by Richard Freeman.

Participated · Equity · Apr 2024

PeppercornAI develops conversational AI technology for the insurance sector, positioning its product to lower operating costs and improve customer experience. The company launched its SaaS platform Pipr last year to support the motor industry amid rising cost pressures. Led by CEO Nigel Lombard and based in the Greater Cardiff Area, Wales, UK, PeppercornAI targets B2B demand through its conversational offerings. The firm intends to use its latest funding to further develop its conversational AI technology and support its pipeline of B2B customers. Financially, PeppercornAI has completed multiple financings, including a recent £3.25M round and a prior £1.8M seed in April 2022 from EHE Capital. The company’s product and go-to-market focus remain centered on servicing insurers and motor-industry clients under cost pressure.

Led · Seed · Feb 2024

Tended builds wearable geospatial positioning devices that alert rail workers when they exit designated safe zones and improve onsite safety. Organisations can map safe work zones in an online Dashboard and attach devices to assets including on-track plant (OTP), on-track machinery (OTM) and protection equipment. The devices display live locations to enhance worksite visibility and reduce risks such as points run throughs, collisions and objects left on the line. The company is led by CEO and Founder Leo Scott Smith and is based in Lincoln, UK. Tended intends to use the funds to grow its IP portfolio, accelerate development of its wearable device and increase headcount across sales and engineering. No operating metrics or prior funding details were mentioned in the article. Tended builds geofencing and geospatial products that let managers set 'safe' and 'unsafe' locations on a dashboard while wearables pinpoint workers and assets and alert users when they are unsafe. Its technology is deployed in heavy industries, with customers and partners including Network Rail, Siemens, Morgan Sindall and Amey. The company launched its Geofencing product in March 2023 and has secured contracts and pilots with Siemens Mobility. Tended says its tools provide insights to reduce the risk of accidents and incidents on-site. It is working in partnership with the European Space Agency on the next generation of its product and has secured major R&D funding to complete that iteration. Management states the product improves safety and efficiency in the rail industry and aims to reduce preventable fatalities in heavy industries. Tended develops wearable safety devices combined with behavioural psychology to transform safety in high-risk industries such as construction, manufacturing, utilities and logistics. Its platform uses psychometrics to uncover the drivers of unsafe behaviours and delivers personalised recommendations alongside wearable alerts. The company recently added a safety culture solution that provides in-depth insights and resources to drive positive behavioural change. Tended’s wearables reinforce safer actions by warning employees before entering hazardous areas. The startup counts customers including Siemens, Rolls‑Royce, Network Rail, Unilever and Babcock. Financially, Tended has raised a £2.4m Series A and now has £4.4m in total funding to support growth and further R&D.