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Yorkshire medtech secures £3.8m as it rolls out knee op device in UK and US

Press release 19 March 2025

A Yorkshire-based medtech company whose device could revolutionise knee replacement surgery has raised a further £3.8m from NPIF II Mercia Equity Finance, which is managed by Mercia Ventures as part of the Northern Powerhouse Investment Fund II (NPIF II), Mercia’s EIS funds and private investors including leading surgeons.

Image of John Naybour and Paul Atherton

The funding will enable Eventum Orthopaedics (Eventum) to build stocks of its product following its launch in the UK, US and New Zealand and to help it develop two new devices.

Eventum’s QuadSense device helps surgeons to precisely cut and place the kneecap in total knee replacements. Currently over 2 million patients a year have knee replacements globally, yet around 20% are not fully satisfied with the outcome. Eventum believes the key to improving success rates is the position of the kneecap, which plays a crucial role in the knee’s function.

QuadSense, which is the only device that provides surgeons with real-time data on the position of the kneecap, has already gained regulatory approvals in the UK and US and been used in over 300 procedures. The company has now appointed distributors in both countries and in a number of other key international markets, and it is developing similar devices for shoulder and hip operations.

Eventum, which employs a team of ten at its headquarters in Ilkley, was founded in 2020 by former medical executives John Naybour and Paul Atherton. The latest funding round is the third led by Mercia Ventures and NPIF and brings the total raised by the company to over £7m.

John Naybour, founder and CEO, said:

Total knee replacement is a common operation, yet two out of ten patients are not happy with the results and one in ten is very dissatisfied. Our mission is to improve success rates by providing data to help surgeons to make better clinical decisions. The device has been well received by the orthopaedic profession and we are excited to be rolling it out internationally.

Rob Hornby of Mercia Ventures added:

Eventum's product will not only improve outcomes for patients but also reduce the cost of treating dissatisfied patients which is estimated at £5,000 and £6,000 for each case. Having supported the company from an early stage, we are pleased to see it achieve this important milestone with the launch of its first product. We look forward to working with the team as they grow sales and develop new products to improve the success of other common operations.

Lizzy Upton, senior manager at the British Business Bank, said:

West Yorkshire is known for its expertise in developing implants, such as those used in orthopaedics, so it's great to see the Northern Powerhouse Investment Fund II being used to support growth in this sector. Eventum is a perfect example of how Yorkshire-based businesses can harness the power of NPIF II to expand, creating jobs in the region and contributing to the regional economy.

The £660m Northern Powerhouse Investment Fund II (NPIFII) covers the entire North of England and provides loans from £25k to £2m and equity investment up to £5m to help a range of small and medium sized businesses to start up, scale up or stay ahead.

The purpose of the Northern Powerhouse Investment Fund II is to drive sustainable economic growth by supporting innovation and creating local opportunity for new and growing businesses across the North of England. The Northern Powerhouse Investment Fund II will increase the supply and diversity of early-stage finance for the North’s smaller businesses, providing funds to firms that might otherwise not receive investment and help to break down barriers in access to finance.

Further Information

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Notes to editors

About Mercia Ventures

Mercia Ventures is a proactive venture capital investor focused on being the first-choice partner for growth. Mercia Ventures makes equity investments of up to £10million across all sectors, with specialisms in Software, Consumer, Healthcare and Deep Tech.

Mercia Ventures is a trading name of investment funds managed by Mercia Fund Management Limited and Mercia Regional Ventures Limited, part of the Mercia Asset Management PLC Group, and sits alongside the Group’s wider private equity, debt and proprietary balance sheet operations. The Group has 11 offices in the UK, and Mercia Ventures’ national footprint and 48 strong investment team draws on their experiences as founders, PhD scientists, software engineers, corporate financiers and management consultants to help our partner companies successfully achieve their ambitions. As at 30 September 2023, Mercia Asset Management PLC has c.£1.5billion of assets under management. Mercia Asset Management PLC is quoted on AIM with the epic "MERC".

The Group raises its own Venture Capital Trusts (VCTs) and Enterprise Investment Scheme (EIS) Funds, and details about open offers can be found through Mercia’s website.

Mercia Asset Management PLC is quoted on AIM with the epic "MERC" and includes the following wholly owned subsidiaries -

  • Mercia Fund Management Limited is authorised and regulated by the FCA under firm reference number 524856
  • Mercia Regional Ventures Limited is authorised and regulated by the FCA under firm reference number 183363
  • Mercia Business Loans Limited is authorised and regulated by the FCA under firm reference number 443560
  • Frontier Development Capital Limited is authorised and regulated by the FCA under firm reference number 829697

Mercia Ventures

About the Northern Powerhouse Investment Fund II

  • Operated by the British Business Bank, NPIF II provides a mix of debt and equity funding. NPIF II will offer a range of commercial finance options with smaller loans from £25k to £100k, debt finance from £100k to £2m and equity investment up to £5 million. It works alongside the Combined Authorities, Local Enterprise Partnerships (LEPs), and Growth Hubs, as well as local intermediaries such as accountants, fund managers and banks, to support the North’s smaller businesses at all stages of their development.
  • The funds in which the NPIF II invests are open to businesses with material operations, or planning to open material operations, in: Greater Manchester, Lancashire, Cheshire & Warrington, Cumbria, Liverpool City Region, Leeds City Region, South Yorkshire Combined Mayoral Authority, York & North Yorkshire, Humber and East Yorkshire, Northumberland, County Durham, Tyne & Wear
  • Supported by Nations and Regions Investments Limited, a subsidiary of British Business Bank plc, the Bank is a development bank wholly owned by HM Government. Neither Nations and Regions Investments Limited nor British Business Bank plc are authorised or regulated by the 
  • Prudential Regulation Authority (PRA) or the Financial Conduct Authority (FCA).

About GMCA

Greater Manchester Combined Authority has invested more than £600m since the funds were launched in 2013, and has supported the creation of thousands of local jobs, quality homes, and the best commercial spaces. This includes £150m invested into more than 220 regional businesses, creating and safeguarding more than 8,000 jobs.

Funding from the GM Investment Fund is designed to sit alongside private finance, with GMCA involvement enabling projects for businesses within Greater Manchester which otherwise might not be supported by the private sector. Sectors supported include Digital & Creative, Life Sciences, Advanced Manufacturing and Low Carbon.

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