The finance was provided by Merseyside Special Investment Fund (MSIF) in partnership with Maven Capital Partners in the Liverpool city region.

NanoFlex is an early-stage sensor design company that has created a patented diagnostic sensor technology.

The business will use the funding to explore new opportunities for its technology to develop a pipeline of products.

The technology uses nanoscale electrodes that are capable of measuring a range of biomarkers present – such as glucose and lactose – in much smaller quantities than was previously possible.

The company believes that its technology may be used in the wound-care market and for the monitoring of sepsis.

NanoFlex is already working with Alder Hey hospital.

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Neville Freeman, CEO at NanoFlex (pictured above, second left), said: “We have integrated our enabling technology into customer’s products for the healthcare market.

“We expect the first volume [of] manufactured products to reach the market [in] Q1/Q2 2018.

“We are very excited to receive this funding as it will enable us to accelerate the roll out of our technology and we expect to see more devices featuring NanoFlex innovation in the near future.”

Andy Round, director at MSIF (pictured above, right), added: “We are delighted to be able to support NanoFlex and allow them to continue working on further developing [its] diagnostic sensor technology.

“The technology [it is] working on could have a massive impact on our health sector, so I’m excited to see what Neville and the team design in the near future.”

Also pictured: David Whitcombe (left), Amy Farrington (centre) and John Mason (second right).