Envoke Funding News – Envoke Raises €1.1 Mn To Develop Flight Simulator For Lab Equipment

NPIF – Mercia Equity Finance, part of the Northern Powerhouse Investment Fund and managed by Mercia, has invested €593k. This was matched by another €593k from Finance Yorkshire’s Seedcorn Fund.

Stuart Warrington, CEO, says: “Healthcare services worldwide rely on rapid and accurate laboratory testing. However training staff is costly, and machine downtime is commonplace, often due to operator error or simple faults that could easily be fixed with the right support. We believe our platform will dramatically improve productivity by enhancing staff skills and keeping equipment up and running, while also reducing warranty costs for manufacturers.”

The platform creates a virtual model of each machine, making it the only system of its kind to offer e-learning for medical devices. It also allows manufacturers to provide remote support, cutting down on site visits, and includes an AI tool that helps users troubleshoot issues on their own.

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Envoke works with major medical device makers like Bio-Rad, Waters Corporation, PacBio, Grifols, and the Terumo Group. Its platform is now used in labs around the world, including by the NHS, other healthcare providers, and universities.

Dawn Tyler of Mercia Ventures added: “Envoke’s pioneering platform could transform training for laboratory staff in the same way the flight simulator did for pilots. Our initial investment enabled the team to develop this latest version, which has attracted strong interest from the healthcare industry. We are pleased to support the company once again, and welcome on board Finance Yorkshire as a new investment partner.”

In 2023, the company raised £1 million from Mercia and NPIF to improve its platform and meet growing demand. Since launching a new module late last year, it has gained several new clients and nearly doubled its annual recurring revenue over the past 12 months.

Finance Yorkshire CEO Alex McWhirter said: “Envoke’s success is to be applauded as part of the growing technology and AI sector in Yorkshire and Humber. Finance Yorkshire is pleased to support Envoke as it embarks on the next chapter in its growth strategy.”

The latest funding will help Envoke improve its system, expand sales and marketing, and reach more customers ahead of a planned Series A round. The company, which currently has 11 employees, also plans to add two new team members soon.

Lizzy Upton, senior manager at the British Business Bank, said: “This second round of investment shows that businesses are able succeed over time with the help of the first Northern Powerhouse Investment Fund, and is a testament to external finance being an important tool for growth. This exciting technology company is paving the way in the healthcare sector, creating jobs, and making a measurable difference to the local economy by working with more partners and other businesses in the region.”

About Envoke

Envoke was founded in 2019 by Stuart Warrington, evolving from his film and animation production company. It started as a tool for product demos but quickly shifted focus to remote training and aftersales support.