Northern Gritstone, the investment business focused on university spin-outs and science and technology enabled businesses in the North of England, said it has led a £2 million seed funding round in Mimetrik, the developer of AI-driven digital dentistry products.
Angel investors with experience in the dental industry also took part in the funding round.
The investment will enable the company to expand its team and deliver its first three products to market.
A spin-out from the University of Leeds, Mimetrik was founded in 2020 and builds on more than a decade of research at the university’s School of Dentistry.
The company has developed 3D-scanning technology that uses machine learning to generate fully digitised images of a patient’s dentition and facial structure.
Its aim is to create a full “digital pathway” between dental labs and clinicians for the benefit of patients, replacing the costly, time-intensive current approach of creating physical models of each patient’s dentition.
It is predicted that the digital dentistry market will almost double in size to $1.8 billion by 2029.
Mimetrik co-founder and CEO Alyn Morgan said: “With over 30 years in clinical dentistry, I have seen first-hand the time and cost spent on traditional techniques and I believe that our products have the ability to transform the industry and ultimately ensure better patient care.
“Northern Gritstone’s investment is a vote of confidence in our technology and we will benefit from their advice and knowledge as we continue to grow and bring our products to market.”
Mimetrik CCO Stephen Claffey said: “The ground-breaking products I’ve had the pleasure of introducing have reshaped dentistry.
“With Mimetrik’s latest offering, we’re poised to surpass all previous innovations I have been involved with. Our cutting-edge technology is set to redefine digital dentistry, enhancing both restorative and preventive treatments on a global scale.”
Northern Gritstone CEO Duncan Johnson said: “Mimetrik’s technology has the capacity to bring dentistry into a new age, removing unnecessary costs and time delays with their AI-driven software.
“It is fantastic to see the North of England producing such cutting-edge technology that can have an impact on an essential part of our lives.
“We look forward to working with Alyn and the Mimetrik team as they step up the development of their products.”
Northern Gritstone was advised by Freeths, led by partner Dahren Naidoo. Mimetrik was advised by RWK Goodman.