Cardiff-based medical-technology firm MedaPhor has raised £4.7 million from institutional investors — including the Welsh Government’s Wales Life Sciences Investment Fund — for its planned flotation on the Alternative Investment Market.

The company’s ScanTrainer ultra-sound training simulator enables trainees to feel what they see on the computer screen. This helps them to develop a complex mix of cognitive skills and co-ordinated eye-hand movement.

CEO Stuart Gall said: “This is a landmark event for the company. We are grateful to our existing investors — especially IP Group and Finance Wales — for their support, and we welcome our new investors, who include Arthurian Life Sciences Fund.

“Medical simulation services continue to grow rapidly; we believe that our products have the potential to make us a major player in the ultra-sound sector of this exciting market.”

Following MedaPhor's flotation, IP Group will remain the largest individual investor in the company, with a 47.2% stake. Arthurian will have a 6% stake, and Finance Wales will have just over 23%.

The company’s founder — Nazar Amso — said: “This is a wonderful accomplishment for MedaPhor — and a step towards being a global innovator in ultra-sound simulation and education.”