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scottish-enterprise.com

Investments

305

Portfolio Exits

24

Funds

1

Partners & Customers

10

About Scottish Enterprise

Scottish Enterprise [SE], is Scotland's main economic, enterprise, innovation and investment agency. Scottish Enterprise works with companies and industries to support business growth and develop Scotland's business environment.

Headquarters Location

Atrium Court 50 Waterloo Street

Glasgow, Scotland, G2 6HQ,

United Kingdom

0845 607 8787

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Latest Scottish Enterprise News

Medical Device Manufacturing Centre Gets £3.3M Funding Boost

Dec 8, 2023

Thom Carter 08 December 2023, 10.02am “This funding will not only drive innovation across the healthcare landscape, but help produce more sustainable medical devices,” said the wellbeing economy secretary, Neil Gray. The Medical Device Manufacturing Centre (MDMC) has been awarded £3.35 million in additional funding to continue developing medical device innovation and improve industry sustainability. The MDMC is a consortium of Scottish universities, including Heriot-Watt University—where it’s headquartered—as well as the University of Edinburgh, University of Glasgow, Robert Gordon University, and the University of Dundee. The Centre provides medical device developers and manufacturers with advice, technical expertise, and the necessary facilities to help translate medical device concepts into commercial products. The new funding , which was supplied by Scottish Enterprise, was announced by the Scottish Government’s cabinet secretary for the wellbeing economy, fair work, and energy, Neil Gray, who was given a tour of the facility this week. The money will be used to help address current challenges facing organisations like the NHS, exploring the inclusion and development of degradable or reusable polymers. Designed to have reduced environmental impact, use of these polymers could help to make medical device manufacturing more sustainable . More work will also be done on the real-time evaluation on the carbon footprint of manufacturing processes, and the safer removal of greenhouse gases in the NHS. Additionally, further support will be be given to earlier-stage entrepreneurs in healthcare who are a part of Scottish Enterprise’s High Growth Spinout Programme, a step towards closer integration of innovation in the health and care sectors. The wellbeing economy secretary himself remarked: “This funding will not only drive innovation across the healthcare landscape, but help produce more sustainable medical devices as we continue our transition to net zero. “Having previously supported the MDMC through the Scottish Government’s Advancing Manufacturing Challenge Fund, it is fantastic to see these state-of-the-art facilities continuing to encourage collaborative working. “Innovation is a priority, and the National Innovation Strategy sets out plans to drive up our performance and compete with the best in the world over the next decade.” Professor Marc Desmulliez, manager of the MDMC, also commented: “This significant funding from Scottish Enterprise will enable us to continue to support and elevate Scottish medical device innovation, creating new and ground-breaking medical devices with global impact. “Scotland is brimming with entrepreneurs, but they need access to the right resources, facilities, and expertise at the right time to bring their products to market and benefit patient care. “We believe that companies are unable to fully realize the potential value of their medical device technologies due to the high costs and limited access associated with conducting clinical investigations, consulting health economists, and utilizing cadaver models. “This next growth phase for the MDMC will further accelerate Scotland’s offering in this crucial sector, maintaining our world-leading stance in the field of medical device creation with a renewed focus on sustainability and environmentally sensitive manufacturing techniques.” Recommended reading Since it was launched in April 2020, more than 150 SME medical device businesses in Scotland have worked with the MDMC. Companies include Intellipalp, which is working to take its prostate cancer diagnostic device from concept to prototype, and ConfiPlus, which has been supported to take its stoma bag accompaniment that tackles leaks through the first steps towards NHS accreditation. The MDMC can save clients up to eight months of development time, and also supports them in securing necessary investment. Lindsay Methven, head of major programme management at Scottish Enterprise, added: “This latest award of £3.35 million from Scottish Enterprise takes our total project funding to almost £5 million and demonstrates our ambitions for MDMC and its role in transforming Scotland’s economy by helping to grow the number of entrepreneurs building stronger, scalable innovative medical technologies businesses. “Integrating MDMC support with our Scottish Enterprise entrepreneurial services means a more seamless approach for companies to help them significantly scale up their operations and accelerate their growth journey, regardless of whether that’s launching a fundraising round, bringing innovative products to domestic or international markets, securing a first major contract, or developing or reshoring manufacturing facilities to produce their devices.”

Scottish Enterprise Investments

305 Investments

Scottish Enterprise has made 305 investments. Their latest investment was in LIND as part of their Seed VC on December 12, 2023.

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Scottish Enterprise Investments Activity

investments chart

Date

Round

Company

Amount

New?

Co-Investors

Sources

12/4/2023

Seed VC

LIND

$1.14M

Yes

1

11/30/2023

Unattributed - II

Jack

Yes

1

11/14/2023

Seed VC

Glox Therapeutics

$5.28M

Yes

3

11/13/2023

Grant

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$99M

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10

11/13/2023

Unattributed - III

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$99M

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10

Date

12/4/2023

11/30/2023

11/14/2023

11/13/2023

11/13/2023

Round

Seed VC

Unattributed - II

Seed VC

Grant

Unattributed - III

Company

LIND

Jack

Glox Therapeutics

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Amount

$1.14M

$5.28M

$99M

$99M

New?

Yes

Yes

Yes

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Co-Investors

Sources

1

1

3

10

10

Scottish Enterprise Portfolio Exits

24 Portfolio Exits

Scottish Enterprise has 24 portfolio exits. Their latest portfolio exit was Blackford Analysis on January 18, 2023.

Date

Exit

Companies

Valuation
Valuations are submitted by companies, mined from state filings or news, provided by VentureSource, or based on a comparables valuation model.

Acquirer

Sources

1/18/2023

Acquired

$99M

38

7/19/2022

Acquired

$99M

4

2/24/2022

Acquired

$99M

1

2/11/2022

IPO

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$99M

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10

1/12/2022

Acquired

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$99M

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10

Date

1/18/2023

7/19/2022

2/24/2022

2/11/2022

1/12/2022

Exit

Acquired

Acquired

Acquired

IPO

Acquired

Companies

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Valuation

$99M

$99M

$99M

$99M

$99M

Acquirer

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Sources

38

4

1

10

10

Scottish Enterprise Fund History

1 Fund History

Scottish Enterprise has 1 fund, including Low Carbon Challenge Fund.

Closing Date

Fund

Fund Type

Status

Amount

Sources

Low Carbon Challenge Fund

$7.82M

1

Closing Date

Fund

Low Carbon Challenge Fund

Fund Type

Status

Amount

$7.82M

Sources

1

Scottish Enterprise Partners & Customers

10 Partners and customers

Scottish Enterprise has 10 strategic partners and customers. Scottish Enterprise recently partnered with AccelerateHER on December 12, 2022.

Date

Type

Business Partner

Country

News Snippet

Sources

12/9/2022

Partner

United States

AccelerateHER Confirms Scottish Enterprise as ‘Key’ 2023 Partner

Scottish Enterprise has joined a partnership between AccelerateHER and its existing awards programme supporters , Barclays Eagle Labs , and the Scottish Government .

1

7/4/2022

Partner

Smart Things Accelerator Centre scales up, agrees strategic partnership with Scottish Enterprise, and adds 13 new companies

`` With our new strategic partnership , we are dovetailing Scottish Enterprise assistance within the Accelerator Centre programme , strengthening the overall package of help available to develop the next generation of innovative , early stage IoT companies to help grow Scotland 's economy .

1

2/24/2022

Vendor

United Kingdom

1

2/21/2022

Vendor

France

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10

11/10/2021

Partner

Japan

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10

Date

12/9/2022

7/4/2022

2/24/2022

2/21/2022

11/10/2021

Type

Partner

Partner

Vendor

Vendor

Partner

Business Partner

Country

United States

United Kingdom

France

Japan

News Snippet

AccelerateHER Confirms Scottish Enterprise as ‘Key’ 2023 Partner

Scottish Enterprise has joined a partnership between AccelerateHER and its existing awards programme supporters , Barclays Eagle Labs , and the Scottish Government .

Smart Things Accelerator Centre scales up, agrees strategic partnership with Scottish Enterprise, and adds 13 new companies

`` With our new strategic partnership , we are dovetailing Scottish Enterprise assistance within the Accelerator Centre programme , strengthening the overall package of help available to develop the next generation of innovative , early stage IoT companies to help grow Scotland 's economy .

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Sources

1

1

1

10

10

Scottish Enterprise Team

4 Team Members

Scottish Enterprise has 4 team members, including current Chief Executive Officer, Russel Griggs.

Name

Work History

Title

Status

Russel Griggs

Chief Executive Officer

Current

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Name

Russel Griggs

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Work History

Title

Chief Executive Officer

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Status

Current

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