Medtech start-up 11health raises £1.25m for ostomy bag device
Angel investment will fuel development of company's Ostom-i Alert innovation which helps patients with bowel diseases
11 health, a London-based medical technology (medtech) start-up, has closed £1.25m from a group of angel investors to develop its ostomy bag healthcare device.
Launched in 2013 by Michael Seres and Adam Bloom, 11health is the creator of the Ostom-i Alert sensor innovation which helps patients manage their ostomy/stoma bags by letting them know how full their bags are so they can decide if an when to empty them.
The idea came about after Seres underwent a bowel transplant and his own experience as an ostomy patient led him to designing the initial Ostom-i prototype whilst in recovery.
Seres and Bloom plan to use the funding to develop the device, grow their management team and pursue an “aggressive” sales and marketing strategy in both the UK and US; having already discussed trials with a number of hospitals in America.
To support its growth strategy, the company has appointed Gresham Private Equity's James Barbour-Smith as executive chairman.
11health's Seres commented: “As a connected device company, focused initially on stoma care, our ambition is to become the leading connected device across all medical bags and pouches.
“We are moving forward at a tremendous pace, and this additional funding will really help us accelerate our product development especially into new markets and build out our sales teams in the UK and in the U.S.”