EarSwitch, a UK-based healthcare innovation company, announced today that it has secured a £1.2m investment led by the GMC Life Sciences Fund By Praetura. The fund is managed by Praetura Ventures, which is known for providing More Than Money to businesses, and invests in early-stage businesses and SMEs to boost life sciences innovation. The fund is supported by the Greater Manchester Combined Authority, Cheshire & Warrington LEP and Bruntwood SciTech.
This investment will aid the development of EarSwitch’s in-ear biometric sensor technology, EarMetrics, which aims to equip patients and healthcare providers with credible, real-world health data. Recently, EarSwitch was selected as one of eight businesses to join the UK Government’s Innovative Devices Access Pathway (IDAP) pilot scheme, a collaboration between the National institute for Health and Care Excellence, NHS England (NHSE) and the Medicines and Healthcare products Regulatory Agency (MHRA) among others. The programme aims to accelerate ground-breaking medical devices through MHRA regulation and integration within the National Health Service (NHS).
EarSwitch, which is developing a world-leading intellectual property (IP) portfolio of inclusive in-ear technology, is poised for significant growth with funding and scale-up support from Praetura Ventures. This includes strategic help, access to a proprietary portfolio toolkit, and mentorship opportunities from world-leading industry heavyweights as well as access to the GMC health eco-system.
“We are thrilled to have Praetura Ventures as partners in our mission to transform how we monitor and diagnose health,” said Dr. Nick Gompertz, Founder and CEO of EarSwitch.
“The team’s focus on delivering ‘More than Money’ will help us to bring EarSwitch’s life-changing technology to a wider audience as we explore global medical and technology applications for our sensors, IP and data.”
Speaking on the announcement, Sim Singh-Landa, Head of the GMC Life Sciences Fund By Praetura, added: “We come across many exciting early-stage businesses in life sciences and healthcare but EarSwitch really impressed us with its fascinating innovation in the promotion of racially inclusive healthcare. EarSwitch’s technology has the power to be truly transformative in many verticals.
“Our plan now is to support the EarSwitch team with their scale-up plans here in Manchester, providing More Than Money, as they develop and scale EarMetrics. I look forward to using our extensive resources, including our team of Operational Partners, to help the team deliver their plan to transform the role of the ear, targeting the new gold standard for biometric monitoring.”
The legal process for EarSwitch was provided by Scott Preece and his team at Ashfords. Praetura Ventures were advised by Adam Kaucher and his team at Irwin Mitchell.
