Healthtech company opens new R&D centre and expands into US biotech market
A UK healthtech startup has announced that it will open a research and development centre in Cardiff and create new jobs.
NuroKor BioElectronics has announced plans to double its team and further its international expansion after a 156 per cent rise in half year sales.
NuroKor, which was founded in 2018, makes wearable technology using peripheral nerve, microcurrent, and neuromuscular stimulation which aims to help manage pain and optimise healing and physical performance.
The company hope that the new research and development base in Cardiff’s Tramshed Tech Hub will advance NuroKor’s clinical programme and create a series of jobs across the business. NuroKor also intends to forge closer relationships with key academic, research and NHS partners through its Cardiff base.
As well as announcing the new base in the Welsh capital, NuroKor has broken into the US Biotech market after announcing a 5-year partnership with Medi-Launch Partners. This adds to the eight countries worldwide where the company’s technology is already distributed.
Rick Rowan, founder and CEO of NuroKor, said: “Our new research and development centre in Cardiff will play a pivotal role in our expansion over the coming year. Being part of the Tramshed Tech Hub is incredibly exciting. It’s a hotbed for innovation and we’ll be surrounded by several other high-growth and ambitious tech startups.”
He continued: “There’s also a huge amount of talent in Cardiff, so we look forward to welcoming a number of new team members in a range of roles to support our research and development programme.”
In the past 12 months, NuroKor has secured financial backing from several healthcare professionals, taking its overall total to more than 60 investors.
A Series A raise will be taking place this year and once funding is finalised, NuroKor hope to activate the business’s 24 – 48 month roadmap which includes the development of biosensor feedback, AI and machine learning algorithms.
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