York manufacturer set for growth with seven-figure HSBC funding
January 18, 2019
Brain scanner manufacturer York Instruments have big plans for business growth after receiving a seven-figure funding package from HSBC UK.
York Instruments, founded in 2015, manufactures medical brain scanners used in the diagnosis of brain disorders including brain tumours and epilepsy. The MEG technology was developed by the York Neuroimaging Centre at the University of York They hope to use the funding to increase their production to meet demand from customers in North America, increase job opportunities within the company and boost turnover.
John Fulford, chief operating officer of York Instruments, said: "We're a young business so it was critical that we secured the necessary capital to help finance the build of our new scanner to meet customer orders. There are currently just 200 MEG scanners world-wide but we believe there is a potential market for over 2,000 units – so we have significant opportunity for growth. With HSBC UK's backing we're ideally positioned to push forward with plans to capture this market."
The deal was part of HSBC UK’s £12bn lending fund to support SMEs in the UK, with £1.05bn committed to businesses in Yorkshire.