County Durham tech firm to modernise X-ray systems globally with £1m funding

A technology company in County Durham is taking on new staff and rolling out the next generation of X-ray systems with a £1m investment.

IBEX Innovations will create 13 jobs at its Sedgefield premises with seven-figure funding from the new North East Venture Fund (NEVF) and existing investor IP Group plc.

The cash will also be used to drive adoption of the IBEX technology in the global healthcare market.

IBEX’s systems fit to existing X-ray machines to improve image quality while reducing the dose of radiation the patient receives.

The tech will initially provide a new test for the early detection of osteoporosis but can be deployed for other applications, including security scanners and in food testing.

IBEX has previously raised more than £3m to help fund its research and development work.

It was founded in 2010 by Dr Gary Gibson, who wanted to develop better screening techniques after he lost two close relatives to cancer. The company has been led since 2013 by CEO Dr Neil Loxley.

Neil said: “We are delighted to have secured the funding from Mercia and IP Group that will enable us to meet our goal of become a leading provider of X-ray imaging technology to the $15bn medical imaging market.

“The funds will be used to finalise and certify the IBEX Trueview product and to secure deals with more than five of the top medical imaging suppliers in the next three years.”

The NEVF is supported by the European Regional Development Fund and managed by Mercia Fund Managers.

Ian Wilson, head of Mercia’s North East team, commented: “X-ray technology has advanced very little since it was first invented in 1895 and the images are still very basic.

“IBEX is bringing X-ray systems into the 21st century with enhanced images and improved patient safety. The funding will allow it to roll out its systems into clinics and hospitals and as a result improve patient care considerably.”

North East Fund chief exec Andrew Mitchell said: “This is the first investment in the Durham area by the North East Fund, which is helping to bring new jobs and economic growth to the North East. We are proud to support the growth and development of this innovative technology from Ibex.”

Sarah Slaven, operations director at economic development organisation Business Durham, commented: “IBEX Innovations is a prime example of an innovative, world-class technology company thriving at NETPark, the North East’s premier science park.

“As one of our longstanding tenants at NETPark, we are delighted to see IBEX Innovations secure funding from the North East Fund to support their latest phase of growth.”

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