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Cipher Surgical raises GBP250,000 in less than four weeks with VentureFounders

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VentureFounders, the UK-based equity investment platform for sophisticated investors, has today announced that a GBP250,000 fundraise for

Cipher Surgical has completed a GBP250,000 fundraise in less than four weeks via VentureFounders, a UK-based equity investment platform for sophisticated investors.
 
Cipher’s OpClear device uses patented technology to make abdominal keyhole surgery quicker and safer for both surgeons and patients. The device directs a short controlled jet of carbon dioxide and saline across the laparoscope's lens to keep it clear of contaminants such as condensation or blood during a procedure, without having to repeatedly remove the scope from the patient.
 
Cipher Surgical has now raised in excess of its GBP1.65 million target in Enterprise Investment Scheme (EIS) eligible equity during 2015, at a pre-money valuation of GBP7 million. The campaign started overfunding 25 days after launching on VentureFounders and the total is now over GBP1.75 million.
 
Commitments are still being taken from VentureFounders’ investors until the campaign closes, which is expected to be early December.
 
James Codling, Co-Founder & Managing Director of VentureFounders, says: “Cipher Surgical is an ambitious company at an important point in its expansion plans. The company clearly resonates with investors, with the company now taking an overfund on the total raise to date. We expected this campaign to gain great traction having been particularly impressed by the company’s experienced management team, which has a strong track record in all aspects of medical device development. It’s also great to see state of the art technology offering a real solution to a problem faced by many surgeons.”
 
Andrew Newell, CEO of Cipher Surgical, adds: “We are delighted by the traction we have received from our fundraise on VentureFounders. We have previously seen the benefits of successful fundraising, and the money raised through this round will support the completion and launch of OpClear in Europe and also the FDA submission for US market entry. We are also planning a larger raise in 2016 to support the US rollout of OpClear.”

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