A Chepstow company has been praised by the Secretary of State for Wales for contributing value to the economy and showing significant growth.
Secretary of State David TC Davies commended IQ Endoscopes on a recent visit to the company's base in South Wales.
The trip was orchestrated by the British Private Equity and Venture Capital Association (BVCA). The association's member BGF - one of the largest and most experienced investors in the UK and Ireland - played a significant part in IQ Endoscopes' expansion through a £5.2 million investment in 2022, alongside existing investors and the Development Bank of Wales.
Mr Davies - who is also MP for Monmouth - said: "IQ Endoscopes is an outstanding example of how a business can excel with the right support and investment, which has allowed the team to innovate, grow, create jobs, and bring value to the community.
"IQ Endoscopes is a fantastic company on the brink of an extraordinary achievement as they push the boundaries of medical technology, but these pioneers could not have turned their bold vision into reality without the backing of BGF and Development Bank of Wales."
Tim Rea, head of early-stage investments at BGF, acknowledged the company's successes and potential in the medical technology field.
He said: "IQ Endoscopes has been able to generate a great deal of momentum to date as the team navigates its way towards launching a truly innovative technology which will help ease the strain on our healthcare system and improve patient outcomes worldwide.
"We’re proud to support IQ Endoscopes, providing strategic guidance and funding in a crucial stage of the company's journey."
The company, known for their single-use endoscopy device, has shown promise in redefining early diagnosis for various cancers and gastro-intestinal conditions.
Matt Ginn, IQ Endoscopes chief executive officer, highlighted the positive impact of the 2022 investment.
He said: "IQ Endoscopes has undergone rapid acceleration.
"Funds from our 2022 investment have enabled my team to focus on market access strategy ahead of product launch.
"We’re now pushing forward at speed to develop a device which will soon transform the way patients undergo vital treatments and procedures, as well as boosting the economy with up to 100 new jobs.
"To support this growth, we’re looking to raise further investment in the near future."
Michael Moore, British Private Equity and Capital Venture Association chief executive, recognises the value of private investment for innovative businesses.
He said: "In 2022, £27.5bn was invested by private capital into UK businesses.
"There are over 12,000 UK companies backed by private capital which currently employ over 2.2 million people in the UK."
Dr Richard Thompson, senior investment executive at the Development Bank of Wales, praised the company's technological advancements and its partnership with IQ Endoscopes.
He said: "The company is one of many that is helping to position Wales at the forefront of the health-tech sector and we’re proud to be playing a part in their global success story.
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