Afon Technology Limited (“Afon Technology”) raises £770,000 and wins €2.4 m European Innovation Council grant

1 year ago

The Board of Afon Technology is pleased to update its previous announcement on monies raised. In addition, Afon Technology has been awarded a €2.4m grant from the European Innovation Council as per https://afontechnology.com/afon-technology-receives-multi-million-cash-injection-to-help-transform-the-lives-of-people-with-diabetes

Afon Technology has the single focus of commercialising a wearable, non-invasive blood glucose monitor to benefit people with diabetes the world over.

Based on proven and patented technology, they have created a non-invasive, real-time and continuous glucose sensor that will empower people with diabetes in self-management and provide their clinicians with a history of their blood glucose variations.

The compact device is designed to be worn with a watchstrap and connected via Bluetooth to the user’s smart watch/device. The device created gives individuals’ freedom from the constraints of conventional finger-stick devices.

Sabih Chaudhry, CEO of Afon Technology said, “We are delighted to have secured the private funds as well as the EIC grant. This will power the company forward as we pursue the development and clinical trials of the device. The technology is proving reliable and accurate in our initial trials, and we are excited by these results.”

A representative from Inventya commented, “Inventya’s grant writing team is incredibly proud to have worked with Afon to produce their winning EIC Accelerator application. Undoubtedly, the Afon team deserves the recognition and appreciation gained through securing this prestigious and highly competitive grant award. The two grant writers in our team who worked directly with Afon in this process were very committed to this project – due to personal reasons, but also because the Afon team are great to work with. Afon’s commitment to achieving a breakthrough in the management of diabetes is inspiring, the future of real-time and non-invasive blood glucose monitoring is becoming a reality. We were thrilled to take this journey with Afon and look forward to seeing the true benefit of their inspiring endeavours making a real-world difference to diabetes sufferers globally.”

Patricia Reynolds, CEO of Norcliffe Capital said “The recent award of a €2.4M grant to Afon Technology follows a previous award of just under £1 million from SRBI for “GP of the Future”. These non-dilutive grant awards underscore the international recognition and value of Afon’s ground-breaking technology in diabetes management. Afon Technology is a prime example of Norcliffe Capital’s investment philosophy - investing for Profit with Purpose.”

Clive Hyman said, “We are glad to be working with Afon Technology, who are a leader in the next generation of wearable blood glucose monitoring devices. It’s great to be working with Afon and their team of advisors on this exciting project.”

All enquiries welcomed

Sabih Chaudhry, Afon Technology +44 (0)7880 548 838

Inventya +44 (0) 1925 550 851

Patricia Reynolds, Norcliffe Capital +44 (0) 203 745 0653

Clive Hyman, Hyman Capital +44 (0) 7388 245 446

Notes to Editors

Sabih Chaudhry, Afon Technology - +44 (0)7880 548 838

Notes on Afon Technology – www.afontechnology.com

Sabih Chaudhry is the Founder and CEO of Afon Technology Ltd., a start-up based in Chepstow, South Wales. He leads a world class team who are developing a wearable non-invasive blood glucose monitor. The technology is patented and has undergone a number of clinical trials at a diabetes test clinic in Germany and further testing at an NHS site in the UK. The technology is being designed to address both the diabetes and wearable markets, complying to all major global regulatory requirements.

Inventya - +44 (0) 1925 550 851

Notes on Inventya - www.inventya.com

Inventya is an Innovation agency. We pride ourselves on understanding innovation and working with our clients to bring their products and services to UK, European and international markets. Our services are designed to help clients at every stage of their growth journeys, whilst overcoming bottlenecks and challenges they may encounter. Our offerings can therefore be described as a mixture of bespoke innovation consultancy services, including: grant and tender writing, R&D Tax Credits support, funding and finance support, Intellectual property advice, project management. We are also a service partner for the UK government’s innovation arm: Innovate UK Edge. Find out more here: Innovation and Commercialisation Grant Consultants I Inventya

Patricia Reynolds, Norcliffe Capital Limited - +44 (0) 203 745 0653

Notes on Norcliffe Capital – www.norcliffe.capital

At Norcliffe Capital we use our experience and expertise to select UK based growth companies in our specialist sectors of medical technology and biotechnology and support them throughout their commercial journey.
Operating across the UK, we source companies with proven IP aiming to make a material impact in their industry, within a growing global market, where there is a clearly defined consumer need. Our investments are usually uncorrelated to the traditional investment markets and have a range of exit routes which offer the potential of generating positive investor returns.
Norcliffe Capital works with financial advisers, wealth managers, family offices, private banks, accountants and individuals who are looking to directly invest in innovative UK companies within the life science and disruptive technology sectors with the potential to achieve exponential growth. Norcliffe Capital offers tax efficient ways to invest via the Enterprise Investment Scheme (EIS), SIPP, SSAS or a family investment company, as well as on a direct equity basis.

Clive Hyman, Hyman Capital – +44 (0)7388 245 446

Notes on Hyman Capital – www.hymancapital.com

Clive Hyman is the Founder, Chair and CEO of Hyman Capital. He is a serial Chairman, non-executive, CEO and CFO with cash management, operational and M&A experience. He established the firm in 2005.

Established in 2005, Hyman Capital is a nimble boutique providing merchant banking services, transaction services provider and business advisor.

Hyman Capital helps young, growing businesses to access new sources of funding and to properly prepare for any transactions they are planning to undertake – while also advising them on becoming more efficient and effective.

These activities clearly go hand in hand, as helping a business to grow and become more profitable – either organically or through acquisition – can only ever help it become a more attractive investment possibility.

Press Contacts

Clive Hyman

Chairman

07388245446 or 020 7916 3209

clive.hyman@hymancapital.com