The British Business Bank has committed up to £30 million to THENA Capital‘s inaugural UK MedTech Fund. This fund aims to support startups developing digital healthcare solutions and fast-track medical devices, reinforcing the UK’s position as a hub for medical technology innovation.

Ignota Labs, a Cambridge-based startup, has raised £5.5 million in seed funding to acquire and repurpose abandoned drug candidates using AI. Their proprietary platform identifies and rectifies safety issues in failed drugs, aiming to bring them back to clinical trials more efficiently and cost-effectively.

For HealthTech startups seeking funding, the Developmental Pathway Funding Scheme offers a total of £30 million to support projects developing novel therapeutics, medical devices, diagnostics, and other interventions. This initiative presents a valuable opportunity for innovators to secure the necessary resources to advance their healthcare solutions.