As part of the run up to our 30th Anniversary of EIS Celebration event, we are shining the spotlight on success stories of businesses that have grown using the Enterprise Investment Scheme (EIS) or the Seed Enterprise Investment Scheme (SEIS).
These stories demonstrate why it is so important for us to celebrate and support the schemes so they can continue to boost the UK start up ecosystem.
“SEIS/EIS was instrumental in helping us secure the early funding needed to advance our innovation”, say founders of QV Bioelectronics
We spoke with the founders, Dr Christopher Bullock & Dr Richard Fu, to learn more about how QV Bioelectronics used both the Enterprise Investment Scheme and the Seed Enterprise Investment Scheme to grow into a success story.
How important has SEIS/EIS funding been to your startup?
“SEIS/EIS funding has played a pivotal role in the growth of QV Bioelectronics. Given the nature of our technology, which involves longer development timelines and requires significant capital, SEIS/EIS was instrumental in helping us secure the early funding needed to advance our innovation.”
“This support allowed us to reduce the perceived risks associated with Deeptech development, making it easier to demonstrate the potential of our technology.”
“As a result, we were able to attract institutional venture capital at crucial stages. This early funding laid the groundwork for key milestones and has been essential in driving us toward long-term success.”
How much did you raise and from who?
“We raised £750,000 through SEIS/EIS funding, which represents a significant portion of the approximately £3 million equity investment we’ve secured since 2019.”
“The majority of this came from Science Angel Syndicate, who invested £512,000 in 2022. The remaining funds were raised from individual angel investors.”
“This blend of institutional and private investors has been invaluable in helping us reach our major technical milestones.”
What has SEIS/EIS investment enabled you to do?
“The SEIS/EIS investment has been crucial in advancing QV Bioelectronics across multiple areas.”
“It has allowed us to build a highly specialised team, make strategic long-term investments in our R&D infrastructure, and complete essential pre-clinical studies that validate the safety and potential efficacy of our implanted therapy.”
“This funding has also enabled us to establish a clear regulatory pathway. With these resources, we’ve refined our technology, demonstrated proof of concept, and ensured that the development of our device prioritises both positive patient outcomes and strong commercial potential.”
How are you changing the world?
“QV Bioelectronics is revolutionising brain tumour treatment with our pioneering electric field therapy (EFT) implant, GRACE. Designed to target the most aggressive and life-threatening brain tumours, GRACE aims to extend life expectancy and improve quality of life for patients, offering new hope in a field with limited advancements over recent decades.”
“This innovative approach has the potential to transform brain cancer from a terminal diagnosis into a manageable, long-term condition. The market opportunity is substantial, with the single incumbent in this field generating over $500 million in revenue for a single indication last year.”
“QV Bioelectronics is strategically positioned to address a range of indications, including brain metastases, which affect over 200,000 people annually in our target markets and represent a market valued at over $30 billion. This large and expanding market underscores the profound impact and value of GRACE and the broader mission of QV Bioelectronics.”
Want to discover more EIS and SEIS success stories like this one?
You can read more stories of how businesses have grown using the schemes here. If you are a founder and would like to share your EIS success story, please contact us here.
Learn more about the 30th Anniversary of the EIS event
