Wales-based medical device business IQ Endoscopes has strengthened its position for supporting clinicians and patients across the UK in 2025 and beyond — following its latest multi-million-pound funding round from BGF and the Development Bank of Wales.
The funding will enable IQ Endoscopes to accelerate the roll-out of its sustainable, single-use endoscopy platform. Designed and built in the UK, the platform is devised to increase the capacity of endoscopy provision across the country, allowing patients to be diagnosed earlier and ultimately help people live longer, healthier lives.
Of the 70 million endoscopy procedures currently completed each year, 98% are performed with reusable devices. These require reprocessing after each use, which is both costly and time-intensive, as well as having a significant environmental impact and posing the risk of cross-contamination.
The need for innovation in diagnostic healthcare has never been greater. According to Cancer Research, NHS England aims to begin treatment for 85% of cancer patients within 62 days of an urgent referral — a target that hasn’t been met since 2015. Worst still, the number of new cancer cases worldwide is expected to increase to 28 million per year by 2040, a 54.9% increase from 2020. In addition, the UK is suffering from a shortage of trained and skilled endoscopists, leading to increased waiting times for patients and rising costs for the NHS.
In response, IQ Endoscopes’ innovative product is set to launch in an initial four health centres this July, to begin to tackle the backlog of patients needing endoscopy treatments across England and Wales.
Matt Ginn, CEO at IQ Endoscopes, commented: “At IQ Endoscopes, we are on a mission to help drive rapid early diagnosis, using our single-use endoscopes, to help people live a longer and better life. This funding round has brought that ambition one step closer to reality and we are exceptionally thankful to BGF, DBW, and early shareholders for their ongoing belief in our mission.
“With strong evidence supporting the clinical acceptance of our technology, a clear path to regulatory clearance, and the required manufacturing capability established, we are primed for early commercialisation of our technology in the UK from July 2025.”
IQ Endoscopes’ model of flexible, plug-and-play endoscopes strongly aligns with the UK Government’s proposed network of Community Diagnostic Centres, designed to make procedures such as endoscopies more accessible in local areas. By offering greater flexibility, choice, and control, IQ Endoscopes can empower clinicians to increase capacity and deliver faster, more efficient care to patients – enabling rapid diagnosis and treatment.
Tim Rea, Co-Head of Early Stage Investments at BGF, said: “From the outset, we’ve been impressed by the team’s focus on improving patient outcomes, by eliminating the inconvenience, cross-contamination risks, and environmental impact associated with the repeated sterilisation of reusable systems.
“The team has made significant strides to address critical challenges in endoscopy, by offering a high-quality, sustainable, and more efficient solution for clinicians. We are excited to continue our support for the business as it advances to the next stage of its development.”
Tom Davies, Investor for the Technologies Venture Investments team at Development Bank of Wales, added: “This is the fourth investment we have made into IQ Endoscopes since our initial seed investment in the summer of 2020, and we continue to be impressed by their growth and innovation as a leading Welsh medtech company, delivering essential single-use solutions in the field of endoscopy.”
