02 November 2006
A brother and sister business in Hackney has just won £155,000 of private investment from a group of business angels in the City to develop a medical device, called the Peezy, that will make urine tests in hospitals and surgeries less messy, far safer and much cheaper.
Vincent and Giovanna Forte of Shoreditch-based Funnelly Enough, have invented a super-efficient biodegradable urine collector for women, which reduces spillage and the risk of infections – including from MRSA and other killer bugs – as well as making the tests more effective.
Every year, more than 100 million urine samples are collected by Britain’s doctors and nurses. But nearly 10 per cent are no good and have to be repeated.
The Fortes say that the Peezy will bring all that wastage and frustration to an end – and all through a device which might cost around £1 to make!
Senior medical professionals agree: “When I first saw the Peezy, I was bowled over by its elegance and simplicity,” says GP and hospice practitioner, Simon Berrisford.
“It’s clever design delivers exactly what the physician wants – the mid-stream part of the urine sample that gives a valid result. Accurate results are important for delivering best treatment for the patient and controlling costs on invalid tests and unnecessary prescriptions.
“The Peezy is a much-needed solution to a very old and ongoing problem. I would love to use it in my clinical practice. I am sure that most doctors and nurses who see the Peezy will feel the same.”
Dr Jane Preston, consultant gynaecologist at the James Paget Hospital also gives the Peezy the thumbs-up. “This elegantly simple device can make a major contribution to improved health, safety and patient care in the NHS,” she says. “I look forward to seeing it used in my clinics and on the wards.”
Vincent, a medical doctor, came up with the idea for the device eight years ago. Since then the Fortes have put over £70,000 of their own money into Funnelly Enough, which is based in Hackney, to fund the research and design of the Peezy and to secure a patent.
Funnelly Enough’s successful search for more funds to build the business started when Giovanna attended an event at The Innovatory in Old Street, in January.
She discussed the Peezy with a number of business experts and technologists at a workshop on how to win private investment, led by director Kevin Davey, and they were so taken with the idea they invited her to take part in London’s most successful investment readiness training programme, known as the g2i (Gateway to Investment).
In March, during four days of intensive discussion and re-thinking of her plans under the watchful eye of investors and technologists, she put together a proposal to take to business angels and venture capitalists in the City of London. Her work paid off. Earlier this month a group of business angels and investors at E-Synergy decided to put £155,000 into Funnelly Enough’s bank account to get the Peezy on trial at hospitals and then to put the device into production.
The company is still chasing a research and development grant, with The Innovatory’s help, to put the finishing touches to the product.
“I think Funnelly Enough won the investment for three reasons,” says Mr Davey. “They have a strong and expert team of staff, a highly innovative product with low manufacturing costs and they know their market, which is potentially huge, extremely well. It’s a rare combination and it’s exactly what catches the eyes of private investors. I think this product, conceived and born in Hackney, will soon be in common use in hospitals and surgeries all over the world.”
“It’s marvellous,” says Giovanna. “We’re on our way after years of struggle and borrowing. We now have the money needed to build the company and get to market.”
If you think you have an innovative product,, which might win investment, call Hackney Enterprise Network on 020 7553 4470, or visit the Gateway to Investment at www.g2i.org Hackney Gazette is the media partner for Hackney Enterprise Network Business Awards, which will be held on Tuesday 14 November.