UK healthtech startup announces major growth and US expansion
Healthtech company, NuroKor BioElectronics has announced plans to double its team and further its international expansion, following 12 months of rapid growth during which the company’s half-year sales rose by 156%.
NuroKor, which pioneers wearable technology that uses bioelectric nerve, muscle and microcurrent stimulation to help manage pain and optimise physical performance, has kickstarted the year by opening a research and development base in Cardiff. Located in the Tramshed Tech hub and creating a series of jobs across the business, the new site will be dedicated to advancing NuroKor’s clinical programme and forging closer relationships with key academic, research and NHS partners.
Currently the only life science company of its kind, NuroKor’s technology is distributed across eight countries worldwide and will this year be breaking into the US market in a major new partnership with Medi-Launch Partners.
The US firm, which specialises in the launch and distribution of pioneering medical devices, will be working with NuroKor to optimise the commercial success of NuroKor’s mibody device and newly developed mediliev Rx across the US through over-the-counter and prescription avenues to support chronic pain management and recovery.
Commenting on NuroKor’s growth, Rick Rowan, Founder and CEO, said: “It’s been an exceptional 12 months for NuroKor and we have some huge developments in the pipeline. Our new research and development centre in Cardiff will play a pivotal role in our expansion over the coming year.
“Being part of the Tramshed Tech hub is incredibly exciting - it’s a hotbed for innovation and creativity and we’ll be surrounded by several other high-growth and ambitious tech startups. There’s also a huge amount of talent in Cardiff, so we look forward to welcoming a number of new team members in a range of roles to support our research and development programme.
“It goes without saying that it has been an incredibly challenging time for the healthcare industry of late, but despite the effects of the pandemic, it has been an extremely busy period of growth for us. During the peak of lockdown (May - October), our half year sales figures were up 156% on the previous year, demonstrating how the healthtech ecosystem in the UK is thriving in the face of great adversity.”
With the global bioelectronics industry now predicted to be worth $25bn by 2023 according to Global Market Insights and major players such as Roche and Medtronic achieving billion dollar sales annually, there is no denying that the bioelectronics industry is thriving. As part of this, NuroKor’s growing potential has been recognised by some of the world’s leading clinical minds.
Over the past 12 months, the company has secured financial backing from 28 healthcare professionals - including surgeons, physicians, physiotherapists and pharmacists - taking its overall total to more than 60 investors. The business has also raised £2m under SEIS and EIS advance assurance in the lead up to £12m Series A raise, which will be taking place this year.
Once the Series A funding is finalised, it will be used to activate the business’s 24 - 48 month roadmap, which will include the development of biosensor feedback, AI and machine learning algorithms.
Dr Ashish Shetty, chief medical officer, pain and neuromodulation, at NuroKor added: “As people’s attitudes and expectations towards receiving healthcare treatments continue to change in line with the ramifications of COVID-19, remote monitoring and interventional solutions, like the NuroKor devices, are becoming increasingly important. Our technology allows patients to manage their chronic and acute pain without the direct involvement of medical professionals - meaning patients can benefit from greater treatment control and our NHS can focus on more urgent and pressing matters.”
Launched in 2018, NuroKor was founded by Rick Rowan who spotted the immense and underdeveloped potential of bioelectric technology while searching for an alternative therapy to treat his 30-year chronic back pain. Today, NuroKor produces a range of wearable devices that combine three clinically-proven bioelectric technologies into compact, wearable and easy-to-use designs. It can target users’ acute and chronic pain, optimise recovery and rehabilitation and increase performance.
Over 50 Olympians and elite level athletes use NuroKor’s technology, and the business now has seven vertical subsidiaries; LifeTech, Equine, WoundTech, FemTech, Human Performance, Aesthetics and Anaesthetics.