A virtual demo platform used by major biotech firms has raised £1m from NPIF – Mercia Equity Finance.
Leeds-based Envoke was born out of film and animation, using gaming technology to enable biotech manufacturers to give virtual demonstrations of their products to potential buyers – without having to ship them around the world.
“Customers buying medical equipment will of course want to trial it first, but shipping costs can be £5,000 to £30,000 or more, not to mention the cost of sending out sales staff to demonstrate it. Sometimes equipment is damaged in transit and not every demo results in a sale,” explained CEO, Stuart Warrington.
“Our platform creates a virtual version of the product that enables manufacturers to save huge sums and reduce their carbon footprint. The funding will enable us to extend its functionality to cover after-sales support and allow us to make further inroads into the US market, where the leading biotech companies are based.”
Envoke currently employs 16 people and expects to create a further 10 jobs over the next 12 months.
“Companies are increasingly moving to online sales, however video conferencing alone is not sufficient for product demos,” said Will Clark of Mercia.
“Thanks to their background in games development, Stuart and the team have created a powerful platform that in our view is the most advanced of its type on the market. Envoke is already used by five of the world’s biggest biotech companies and this investment will help the company to reach a much wider audience.”
The platform was developed in 2019 for Thermo Fisher Scientific, which was seeking a better way to showcase its products to remote customers.
