May 9 2019
BioCity, a pioneering life science incubator and business collective, today announced an investment in INCUS Performance, further solidifying their position as a keen investor in promising ventures.
Pictured L-R: Stuart Spencer, Charnwood Accountants. Imelda Juniarsih, investment analyst, BioCity. Buchan Scott, co-founder Dunhelm Partners. Dimitrios Pantazis, technical lead, INCUS. Keith Williams, chairman, INCUS. Claire Brown, Director, Investment, BioCity. Chris Ruddock, lead engineer and managing director, INCUS.
Founded in 2016, INCUS Performance is a sports technology start-up that is helping athletes to train better using data. The unique three-tier INCUS platform provides high-quality analytics to improve technique and training, initially specialized for swimming and Triathlon sports. By combining artificial intelligence and data analytics with wearable technology, INCUS is bringing new levels of technical clarity to athletes in an easy-to-understand way.
The wearable device, called INCUS | NOVA, is worn during training and captures high-quality motion and technique data, which is then automatically analyzed and presented via a companion app to athletes and their coaches. This analysis provides meaningful insights into the training team and moves towards predictive analytics to inform future training strategies and marginal gains.
Each constituent element of the INCUS system - wearable device, data analytics, and mobile platform - have been engineered from the ground up to optimize the quality, speed and efficiency of data capture, analysis and feedback.
With a research-led approach, INCUS systems are comprehensively validated against gold standard techniques alongside top-level athletes at Loughborough University - the world's leading sports university.
Marking the 27th investment to date, BioCity is joined by co-investors in a deal launched via the BioCity Investment Platform.
The BioCity Investment Platform provides High-net-worth and Sophisticated investors with a background in life science, with co-investment opportunities they may not otherwise be aware of. As a co-investor, BioCity undertakes rigorous due diligence on all investment opportunities, selecting promising ventures with real scalability.
Claire Brown, director of investment at BioCity said, “INCUS Performance are tapping into an unmet need. The current application of the INCUS system in swimming has real potential to translate into and become a leader within triathlon sport athletics.
“We are in the privileged position of meeting founders in the early stages of venture development. We use this insight to invest in early-stage ventures, which are seen as high-risk, to support their growth and, crucially to facilitate later rounds of investment. Chris and the INCUS team are a wonderful example of what can be achieved in a short amount of time by bringing together commercial and technical expertise.”
Chris Ruddock, managing director, INCUS Performance said:
This investment allows us to grow our innovation team, commercialize a new generation of wearable technology for athletes and develop further disruptive technologies for sports and personal monitoring.
INCUS | NOVA has seen exceptional support from athletes and coaches during its development, but we wouldn’t be able to get the technology out to meet this need without experienced partners such as BioCity. Their impressive network, expertise in business, biotech and health sectors, alongside a clear focus to support disruptive, high-technology start-ups, was key for us when choosing an investment partner.
"We are proud to partner with the BioCity group, and look forward to working with them in the next steps of our commercial journey.”
The process of securing funding was supported by law firms, Shakespeare Martineau, acting for INCUS and MBM Commercial, acting for BioCity, who advised on all legal aspects of the deal.
Roger Harcourt, partner and head of healthcare at Shakespeare Martineau, said: “The dynamic team at INCUS has created a fabulous product, which is well placed to make a big impact on the sports wearables market and this deal will ensure that its success continues. Securing the support of investors with a track record in tech innovation will provide opportunities and allow this ambitious business to thrive.
“This investment underpins the East Midlands’ commitment to the development of the life sciences sector and illustrates the innovative work being undertaken in the region. INCUS Performance has already achieved a tremendous amount in a short time, and we look forward to supporting them as they continue to develop.”
Zara Diloo, a director in MBM Commercial’s corporate team, who was assisted by Hannah Brazel, said, “MBM has been privileged to work alongside BioCity on this investment in INCUS. This investment promotes not only INCUS’s exciting product and opportunity to scale-up its wearable technology for athletes, but it also highlights how supportive BioCity Group have been in the support and development of INCUS and other exciting high growth biotech and health sector companies.
We hope that this is a fruitful partnership that will allow INCUS to grow and become a leader in an ever-expanding wearable technology market. MBM get involved in lots of interesting projects but the potential long-term benefit and global impact that could come from this fusion of capital and disruptive technologies are genuinely exciting, and MBM was glad to play a small part in making it happen. We look forward to continuing our support of BioCity and its investment in INCUS and other exciting business."