Reminova – Raising Finance
What was the nature of Reminova’s challenge?
Reminova was formed in 2014 to provide dentists and patients with new preventative treatments for tooth decay. The founders took an innovative approach to caries management that focused on reversing decay and repairing enamel, painlessly, eradicating the need for the dental drill. The team needed support to validate the commercial potential of the technology, then develop and articulate a sustainable business model for commercialisation. Most importantly, the team sought to secure early revenues and funding to build the business and enable growth.
How did Innova Partnerships help?
Innova Partnerships has a great track record in helping companies seek the right funding and successfully secured a £100,000 SMART Scotland award for Reminova. This enabled initial research and development and funded early engagement of the Reminova team. Innova Partnerships also delivered commercial validation of the opportunity through working with King’s College London. Innova helped spin the company out from King’s College London and identified key individuals for CEO and COO roles, alongside expertise in affairs and finance.
What was the outcome of our involvement?
Since securing SMART Scotland funding, Reminova has successfully closed a transatlantic crowdfund with over £600,000 pledged in early October 2015. The company has also secured co-development funding from a strategic partner in global dentistry.
In early 2016, Reminova received a Horizon 2020 SME Instrument Award and was nominated for the Scottish Life Sciences Award “Investment of the Year” due to their innovative approach to funding. The Reminova team has grown and expanded its operational base to bring their innovative technology to market. Innova continue to be involved at board level and provide support and expertise in accelerating the company’s commercialisation.