Ceryx Medical is a Cardiff-based business working on revolutionary new pacemaker technology, aimed at helping patients with long-term heart failure.
The business has successfully completed a £5 million equity investment round led by the Development Bank of Wales and Parkwalk Advisors, the UK’s largest investor in university spinouts, alongside contributions from BGF, Bristol Private Equity Club and other investors.
As part of the round, the Development Bank has invested £2 million through the Wales Flexible Investment Fund, alongside a £1.75 million investment from Parkwalk. The investment will allow Ceryx to progress with clinical trials for its temporary pacing technology and develop a miniaturised version for applications in implantable pacemakers.
While the current standard of pacemakers is designed to keep hearts on a steady beat, Ceryx’s artificial neuron technology allows pacemakers to have more variable control of a heart’s rhythm, allowing it to respond to the patient’s breathing rates and exercise. This synchronises the heart with the lungs, allowing an increase in cardiac function.
This is the second time that Ceryx has received investment from the Development Bank, with an earlier £3.8 million round in 2022, in which the Development Bank invested £1 million, allowing it to bring an external version of its pacemaker to first in-human trials, following a global clinical study centred at the University Hospital of Wales, Cardiff.
Stuart Plant, CEO at Ceryx Medical, said:
“Our technology promises to be an effective therapy for those suffering from heart failure, giving them the chance to recover by replicating the rhythms and variability of a healthy heart. It’s estimated that there are 30 million heart failure sufferers worldwide, and about half of all patients die within the first five years after diagnosis.
“We’re looking forward to trialling the next iteration of our product, and we’re very pleased to have received this investment from the Development Bank of Wales and Parkwalk, allowing us to take things to the next stage.”
Tom Davies, Investment Executive in the Technology Ventures Investment team at the Development Bank of Wales, said:
“Ceryx is a pioneering Welsh medtech company leading the development of a breakthrough treatment for heart failure. Its pacing device has the potential to transform millions of lives globally, and we are proud to support them with equity investment in this latest funding round.”
Alun Williams, Investment Director at Parkwalk Advisors, said:
“The opportunity to revolutionise heart failure treatment through Ceryx’s pacemaker technology is clear – it combines considerable societal value with impressive growth potential. At Parkwalk, we’re delighted to continue supporting another research-intensive company as it embarks on the next phase of its journey, with the ultimate goal of positively transforming patients' lives at scale.”
Financed by Welsh Government, the Wales Flexible Investment Fund is for deals between £25,000 and £10 million. Loans, mezzanine finance, and equity investments are available for Welsh businesses with terms of up to 15 years.
For more information, visit developmentbank.wales
