Dental implant company Neoss has received £10m of investment in order to expand on a global basis.
The Harrogate-based company has received backing from MMC Ventures which previously supplied £500,000 of seed funding in 2003.
Bruce Macfarlane, co-founder of MMC Ventures, said: “We are delighted to have supported Neoss from a prototype with no sales to a fast growing company with international sales.”
Neoss is the sixth fastest growing technology business in the North of England and operates through subsidiaries across Europe and in Australia.
According to the Sunday Times Microsoft Tech Track 100, Neoss it ranks 32 in the UK, with annual sales growth over the period 2004–2006 exceeding 100% compound annual growth rate (CAGR).
Previously, it has been backed by Delta Partners, the Dublin-based venture capital firm and Medtronic, the US medical technology company.
Company founder Professor Neil Meredith said: “The growth we have achieved has been underpinned by the strong relationships we have established with MMC and our other investors.
“We are proud that the platform we have developed, with its unique advantages of simplicity, is right at the forefront of dental implant technology.”
The company says that research suggests that the global dental implant market is forecast to reach $2.7 billion in revenues this year, up 20 % from last year.
© Crimson Business Ltd. 2007