BGF, the UK and Ireland’s most active growth capital investor, has led a multi‑million‑pound follow-on investment into South Wales‑based medical device company IQ Endoscopes, alongside the Development Bank of Wales
This latest round of funding will be used to support IQ Endoscopes’ early commercial rollout in selected UK centres, strengthen manufacturing and supply chain capability, and build a robust commercial pipeline, as the company prepares for future scale‑up in the UK and overseas. The investment will also support further regulatory work and market validation in the US.
Founded in 2020, IQ Endoscopes is developing a single‑use gastrointestinal endoscopy platform designed to improve patient access to endoscopy and help healthcare providers respond to growing demand.
The critical need for endoscopy services is at an unprecedented level, driven by an ageing population, increased awareness of gastrointestinal conditions and expanded screening programmes, placing significant pressure on existing pathways.
Existing reusable endoscopes create significant time burden and carbon emissions due to complex decontamination and transport processes, contributing to hospital capacity constraints and workflow inefficiencies. IQ Endoscope provides an agile, fully sustainable alternative designed to do the opposite, freeing up beds and physician capacity.
Since its formation, IQ Endoscopes has made strong progress, securing key regulatory approvals, establishing manufacturing in the UK and commencing production. The company has identified its first customers, received initial orders and is now preparing for early commercial use of its platform.
Matt Ginn, IQ Endoscopes CEO said: “This investment is a significant step forward for IQ Endoscopes as we move into the next phase of our growth. It allows us to begin early commercial rollout in the UK, strengthen our operational foundations and build momentum for future expansion.
“Support from BGF and the Development Bank of Wales has been instrumental in helping us reach this point, and we’re excited to continue to work closely alongside them as we bring our technology into real‑world clinical use.”
Maggy Lau, Investor at BGF said: “IQ Endoscopes is addressing a clear challenge facing healthcare systems, with a product that has the potential to make a lasting, positive impact. We’re pleased to continue to support Matt and the team as the business moves into this exciting next stage of growth.”
Tom Davies, Investment Executive with the Development Bank said: “We’re proud to continue supporting IQ Endoscopes as it enters its next growth phase. The team’s progress in manufacturing and early clinical use is impressive, and this investment will help accelerate adoption of a technology that could enhance patient access and strengthen endoscopy services across the NHS and beyond.”
IQ Endoscopes currently employs around 20 people in South Wales. Early clinical cases are now underway as the company prepares for wider adoption of its technology.
