Mishcon de Reya has supported a £2.5 million funding round for OSSTEC, a London-based medtech start-up using 3D printing to improve joint replacement implants. The round was led by specialist DeepTech VC Empirical Ventures, which, due to increased interest, remains open for further investment.
Based on 10 years of research at Imperial College London, OSSTEC has developed patented 3D-printing technology to mimic both cartilage articulating surfaces and bone-fixing structures. Its first product has been developed with a world-leading team of surgeons and applies this technology in less invasive knee implants to stimulate bone growth.
The technology will significantly reduce the risk of implant failure or complications and allow patients to stay active, pain-free and enjoy an improved quality of life. This, in turn, enables healthcare providers to operate more efficiently, saving thousands on treatment costs and treating more patients in a timely manner. This latest funding round will advance OSSTEC to launch in the market and scale its impact with strategic partners in the medical field.
Dan Sinclair, commented: "We are privileged to have advised OSSTEC for a number of years - from company formation through to this latest funding milestone. We are delighted to both advise OSSTEC on this transaction and to participate in the round through Mishcon PLUS, signalling our willingness to support and partner with OSSTEC into the next phase of growth and beyond. We’re proud to play a small part in improving the future of patient care."
Max Munford, PhD, CEO and Founder of OSSTEC, said: “This funding marks a pivotal moment for OSSTEC, enabling us to bring our groundbreaking technology to market with our team of surgeons and engage in strategic collaborations to improve patient outcomes. We are at the exciting intersection of innovative technology, delivering value for surgeons and patients and high-growth markets, all combined to help more people stay active and pain-free for longer. We’re excited to take the next steps in scaling our impact and making a meaningful difference in patients' lives and the wider healthcare ecosystem."
Johnathan Matlock, General Partner and co-founder at Empirical Ventures, said: “OSSTEC is an excellent example of how scientific discovery can be transformed into real-world impact. The company has huge potential to completely reform best practices in this field of healthcare, with an impressive team of scientists pushing the boundaries of engineering and medical research. In backing OSSTEC, we continue to drive forward Empirical Ventures’ own mission of empowering the next generation of innovators to turn their research into impactful solutions.”
Dr Alex Liddle, MBBS, BSc, DPhil, FRCS (Orth) and Chief Medical Officer at OSSTEC, said: “OSSTEC’s 3D printing technology allows efficient manufacturing whilst eliminating mechanisms of failure seen in previous cementless knee replacements. OSSTEC's cementless partial knee represents a major step forward in unicompartmental knee replacement surgery. Cementless partial knee replacement has advantages over cemented techniques with improved efficient workflows, survival and clinical outcomes. This represents an exciting new development in orthopaedics that promises improved fixation and reduced risks, providing value for patients, surgeons and the wider healthcare system.”
About OSSTEC
OSSTEC is a London-based start-up built on 10 years of Imperial College London research. Our team combines world-leading surgeons, experienced engineers and multi-time founders, balancing technical and market expertise with a blend of ambition and expertise gained through years of experience in medical devices. OSSTEC is working to bring innovative technology and a surgeon-led product from the lab to the operating room to improve patient outcomes, operating efficiency and reduce healthcare costs.
About Empirical Ventures
Empirical Ventures Fund I is a SEIS and EIS fund which invests in early-stage deep-tech startups and university spin-outs. It supports scientists and innovators to turn research and scientific breakthroughs into commercially viable entities. Co-founded by Dr Ben Miles and Dr Johnathan Matlock, the founding Partners have extensive experience as scientists, entrepreneurs, and investors and have provided entrepreneurial training to over 5,000 UK-based scientists. With each member of the investment team holding a PhD, Empirical Ventures uses scientific enquiry to identify the most compelling scientific innovations for commercialisation, high-risk but high-reward deep tech companies that can demonstrate potential for real-world impact.