Charco Neurotech raise over £500k through MedCity investors
April is Parkinson’s Awareness Month, an opportunity for us to catch up with one of MedCity’s Investment Hub successes, Charco Neurotech, inventors of a wearable device to alleviate Parkinson’s symptoms.
As an outcome of pitching at MedCity’s investment showcase last May, Charco’s founders raised £545,000 to fund development of CUE1, a non-invasive device worn on the body, delivering vibrations to relieve the movement discomfort experienced with Parkinson’s. It is the first of several MedTech products currently in Charco’s pipeline.
CUE1 now has CE mark and ISO certification, and will launch in the UK and Europe in October. Charco has also applied for FDA approval with a view to US rollout. MedCity is thrilled to have played a part in bringing this ground-breaking innovation to market. To find out more about how CUE1’s development has engaged the Parkinson’s community, view their story here
Charco Neurotech was one of six companies presenting at MedCity’s 2020 Investment Hub showcase event, held online for the first time due to the pandemic. And despite the challenges of raising capital during Covid-19, Charco co-founder Lucy Jung recalls that as soon as the event finished she had an investor on the phone who decided to commit:
“It was immediately clear to us that MedCity had serious investors, and that they definitely understood MedTech. We had gone into the Investment Hub event looking for £300-500k but the traction was so great we ended up over-subscribed.”
In the six years since its inception, MedCity’s Investment Hub showcase events have hosted more than 80 companies who have received in excess of £30 million leveraged from the rounds. Over £6.5 million of that has come from Investment Hub members.
“The Investment Hub continues to exceed expectations despite the virtual nature of the showcase events since the start of the pandemic,” says Partnerships & Programmes Lead Sarah Bruce-White. “The quality of companies applying and being selected to pitch is outstanding and the investment raised by some of those companies in the last year is testament to that. Charco Neurotech is a brilliant example of how the Investment Hub can help propel a great idea with life-changing potential into the hands of patients.”
MedCity’s first Investment Hub showcase of 2021 takes place on 22nd April and is already fully subscribed, but MedCity is keen to hear from life sciences and healthcare companies as well as investors—from angels to VCs—who would like to take part in the second event of the year on 1st July. There is no charge for companies to register or pitch at the event if selected.