Top Medtech Companies in the UK
From AI-powered diagnostics to next-generation surgical robotics and novel drug delivery systems, UK medtech companies are tackling some of the most pressing medical challenges of our time.
In 2023, the Department of Health and Social Care launched its first-ever Medical Technology Strategy, underlining the government’s commitment to supporting medtech innovation and scaling adoption across the NHS. Since then, funding has continued to flow into the sector, and private companies are playing a central role in shaping the future of healthcare.
In this article, we explore the top 10 medtech companies in the UK, ranked by the total amount of equity investment raised to date. All companies featured have raised investment between 1 June 2020 and July 2025.
What is medtech?
Medtech — short for medical technology — refers to any technology designed to support the prevention, diagnosis, monitoring, or treatment of health conditions. It covers a wide spectrum of tools and devices, from wearable monitors and imaging equipment to surgical robots and AI-driven drug design platforms.
In recent years, the term has become increasingly associated with high-tech, next-generation innovations that aim to improve clinical outcomes and enhance the patient experience. Today’s medtech solutions are helping to detect disease earlier, enable more personalised treatment, and streamline care delivery at scale.
The UK has long been a global leader in medical innovation. From the invention of the MRI scanner to advances in sequencing and diagnostics, the country’s universities, research centres, and startups have played a pivotal role in shaping the industry. Ongoing government support, strategic investment, and cross-sector collaboration continue to fuel the UK’s dynamic medtech ecosystem.
Medtech vs healthtech: What’s the difference?
While the two terms are often used interchangeably, there are clear distinctions between medtech and healthtech.
Medtech typically refers to physical medical devices and technologies used in clinical or hospital settings, such as diagnostic tools, surgical equipment, or implantable devices. These products often require rigorous clinical validation and regulatory approval before being adopted by healthcare providers.
Healthtech, on the other hand, covers digital technologies aimed at improving the broader healthcare experience. This includes mobile health apps, wearable trackers, telehealth platforms, and digital infrastructure for care delivery and payments.
In short: healthtech improves how we access and manage healthcare, while medtech transforms the tools used in diagnosis and treatment. Both are critical to the future of healthcare, operating in distinct parts of the system.
A comment on the UK healthtech market in 2025
While this article focuses on medtech, healthtech continues to gain momentum — and the two sectors are often analysed in tandem. As of Q1 2025, UK healthtech and life sciences startups raised $1.8b in venture capital — the sector’s second strongest quarter on record. Half of that capital was directed to AI-first ventures, led by major deals for Isomorphic Labs ($600m) and Verdiva Bio ($411m).
By the end of 2024, the UK’s top 1,000 healthtech startups had collectively raised £27.4 billion and reached valuations of £32b, with roughly £865m in grant support and nearly 30,000 employees across the ecosystem.
Despite a slowdown in new unicorn creation — just three minted in 2024 — the UK still houses 41 active unicorns, including prominent healthtech businesses like Cera. Cera itself continues to scale: in 2025 it surpassed $500 million in annualised revenues, delivering care in patients’ homes and using predictive tech to cut hospitalisation rates by over 50%.
But with growth comes challenge. Recent analysis underscores concerns around the UK’s drug pricing regime and regulatory hurdles that risk eroding competitiveness, particularly relative to more agile markets like China and the US.
Still, the fundamentals of the UK ecosystem remain strong. Global talent, world-class research institutions, direct links to the NHS, and continued investor demand. In 2023 alone, 41% of all European life sciences VC flowed into UK companies.
Top 15 UK Tech Startups in 2025
Trends in the UK’s medtech sector
The UK’s medtech landscape is thriving, with notable clusters forming across the country, but the south continues to lead the way. London is home to the largest concentration of medtech companies, with 3,492 businesses tracked to date. It’s followed by the South East (2,124) and the East of England (1,579), making these regions key hubs for innovation in medical technologies.
Academic spinouts play a significant role in fuelling the sector. There are now 875 medtech companies that have spun out of academic institutions, with the highest numbers based in the South East (151), East of England (137), and London (171). Scotland also makes a strong showing, with 97 spinouts. Leading universities for medtech spinouts include the University of Oxford, University of Cambridge, Imperial College London, and University College London.
Medtech companies are typically early-stage, with 36.4% currently operating at the seed stage and 24.5% at the venture stage. Just 8.2% have reached the growth stage, reflecting the sector’s continuous pipeline of emerging startups with high innovation potential.
Subsector trends show that pharmaceuticals dominate the field, making up 52.3% of all medtech companies. This is followed by medical devices and instruments (27.2%) and clinical diagnostics (13.3%), pointing to a strong focus on therapeutic development, as well as tools for diagnosis and treatment.
However, gender diversity remains a challenge for the sector. Over half (57.3%) of UK medtech companies have all-male director teams, with only 12% led by all-female boards. A further 14.4% have gender-equal leadership, while 14.7% have a majority-male board. Although there are signs of improvement, these figures highlight the need for continued efforts to support more diverse leadership in the industry.
Medtech investment
UK medtech continues to attract substantial investor interest, particularly at the early stages. Since 2005, there have been 6,821 equity fundraisings involving medtech companies, collectively worth £34.2b. Notably, the majority of these investments (over 80%) were directed at seed and venture-stage businesses, underlining the sector’s appeal to investors seeking early-stage innovation.
Investment activity has remained strong over the past four years, with 708 fundraisings worth £4.89b in 2024 alone. Other high points include 676 deals in 2021 (£4.38b) and 691 in 2023 (£2.17b). While funding values may fluctuate year-on-year, the underlying trend is clear: medtech remains a key focus area for UK venture capital and public sector funding alike.
The number of active medtech companies in the UK has grown by 204% over the last decade, reflecting not only investor appetite but also increasing commercial traction, academic spinout activity, and adoption within the NHS and global healthcare markets.
Some of the most prolific backers in the space include:
By number of fundraisings:
- Scottish Venture Fund – 131
- Scottish Co-Investment Fund – 123
- UK Innovation & Science Seed Fund (UKI2S) – 107
- Oxford Technology – 92
- Cambridge Angels – 89
- Cambridge Innovation Capital – £1.67b
- Forbion Capital Partners – £1.66b
- IP Group – £1.43b
- Oxford Science Enterprises – £1.33b
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The UK’s top medtech companies
10.
F2G
Year founded: 1998
Location: Macclesfield
Funds raised: £283m
F2G is a biopharmaceutical company developing novel antifungal therapies to treat life-threatening invasive fungal infections. Spun out from the University of Manchester, it is focused on addressing a global unmet medical need with first-in-class agents that differ from existing treatments in their mechanism of action.
Founded as Functional Fungal Genomics, the company has evolved into a clinical-stage biotech with operations across the UK, US, and Austria. Its lead candidate, Olorofim, is in late-stage development and has received strong backing from international investors. In September 2024, F2G secured $100m in funding to advance the commercialisation of Olorofim in the US.
The company has raised £283m through 11 equity fundraisings, alongside £3.3m through four grants from Innovate UK and the Biomedical Catalyst fund. In recognition of its innovation and impact, F2G was named to the PwC Life Sciences Future50 list in 2023 and won Bionow’s “Investment Deal of the Year” award in 2022.
09.
Quanta
Year founded: 2015
Location: Warwick
Funds raised: £294m
Quanta Dialysis Technologies has developed a portable haemodialysis device designed to give patients greater access to treatment, whether in clinical environments or at home. Its compact, modular system offers performance comparable to traditional machines, with an intuitive interface that enables a wide range of users to operate it safely and effectively.
The company has raised £294m across six funding rounds, including a £47.2m Series E round in November 2024 led by b2venture, Glenview Capital, and Novo Holdings. The oversubscribed round aimed to accelerate international expansion, scale production, and strengthen Quanta’s commercial footprint.
Quanta has also secured a small grant of £31.9k from the National Institute for Health Research’s Invention for Innovation (i4i) programme. The company featured in the 2021 cohort of the Lazard T100 European Venture Growth Index, highlighting its reputation as one of Europe’s most promising high-growth ventures in healthtech.
08.
Exscientia
Year founded: 2012
Location: Dundee
Funds raised: £300m
Exscientia is a pioneer in AI-driven drug discovery, using advanced machine learning to design and prioritise small molecule drug candidates. The company was the first in the world to bring an AI-designed molecule into clinical trials and continues to lead the emerging field of pharmatech, where AI meets drug development.
To date, Exscientia has raised £300m across seven equity fundraisings, including a major £162m round in April 2021 led by investors such as BlackRock, SoftBank Vision Fund, and Bristol-Myers Squibb. The funding supports its platform development and ongoing drug pipeline expansion.
Alongside equity funding, Exscientia has received £5.4m in non-dilutive grants, including multiple awards from the Bill & Melinda Gates Foundation. The company has also made strategic acquisitions, including Austria-based Allcyte for £42.9m, as it expands both its technology base and commercial reach.
07.
Verdiva Bio
Year founded: 2024
Location: Guildford
Funds raised: £335m
Verdiva Bio is a next-generation biotech company developing cardiometabolic therapies, with a focus on obesity treatment. Launched in 2024, the company quickly attracted global attention with a £335m Series A round — one of the largest early-stage fundraises in UK medtech history.
The oversubscribed round was co-led by Forbion and General Atlantic, with participation from major healthcare investors including RA Capital, OrbiMed, and Lilly Asia Ventures. The funding will support clinical trials of Verdiva’s lead candidates, as well as the expansion of its broader cardiometabolic portfolio.
Verdiva enters a fast-growing global market, competing with established drugs like Ozempic and Mounjaro. With its large war chest and experienced investor base, the company is well-positioned to become a major player in the obesity drug space.
06.
Immunocore
Year founded: 2015
Location: Abingdon
Funds raised: £410m
Immunocore is a clinical-stage biotech developing T cell receptor-based medicines to treat cancer, infectious diseases, and autoimmune conditions. The company’s lead therapy, tebentafusp, has gained international attention as a potential breakthrough in oncology.
Immunocore has raised £410m across 12 funding rounds, including a £129m equity and loan deal in January 2021 involving BlackRock and Oxford Finance. The company also counts Eli Lilly, General Atlantic, and the Bill & Melinda Gates Foundation among its previous backers. In addition, it has secured £2.4m in grant funding from the Biomedical Catalyst programme.
The business has received global recognition for its pioneering science and continues to expand its executive leadership team, most recently appointing Travis Coy as CFO and Head of Corporate Development in early 2025.
05.
Isomorphic Labs
Year founded: 2021
Location: London
Funds raised: £464m
A spinout from Google’s DeepMind, Isomorphic Labs is building a drug design platform that uses AI to model and engineer novel pharmaceuticals. With its cutting-edge computational biology approach, the company is working to radically speed up and improve the drug discovery process.
Isomorphic Labs raised £464m in a single fundraising round in March 2025, backed by Alphabet, GV (Google Ventures), and Thrive Capital. With £449m verified, this makes it one of the largest single-raise events for a UK medtech company in recent years.
Though still early in its commercial journey, Isomorphic has quickly positioned itself as a major force in AI-driven life sciences.
04.
Autolus Therapeutics
Year founded: 2015
Location: London
Funds raised: £639m
Autolus Therapeutics develops T-cell therapies for cancer, using advanced cell programming to target haematological malignancies and solid tumours. Spun out of University College London, the company has become a leader in the CAR-T therapy space.
It has raised £639m through five funding rounds, with its most recent round in February 2024 bringing in £436m from investors including BioNTech. Previous fundraises included a £74m deal with Blackstone Life Sciences and a £60m round led by Arix Bioscience and Syncona Partners.
Autolus has also secured £7.7m across 13 grants from Innovate UK. Its lead product, AUCATZYL®, received FDA approval in 2024 and EU authorisation in 2025, marking a major milestone for the company and the broader UK cell and gene therapy sector.
03.
Bicycle Therapeutics
Year founded: 2015
Location: Cambridge
Funds raised: £673m
Bicycle Therapeutics is pioneering a new class of therapeutics based on its proprietary bicyclic peptide (Bicycle®) platform. These ultra-small molecules offer the targeting power of antibodies with the precision and scalability of small molecules — opening up new avenues in oncology and radiopharmaceuticals.
The company has raised £673m through seven equity rounds, including a £435m fundraise in May 2024 led by RA Capital, Perceptive Advisors, and Forbion. Bicycle has also received £5.3m through six grants from Innovate UK, supporting its R&D work in radiopharmaceutical imaging.
Recent data from clinical trials, including human imaging results for MT1-MMP, have validated its novel approach and cemented Bicycle’s position as a global innovator in targeted therapies.
02.
Oxford Nanopore Technologies
Year founded: 2015
Location: Oxford
Funds raised: £1.01b
Oxford Nanopore Technologies is transforming genomics with its portable DNA and RNA sequencing devices. From academic labs to global public health efforts, its real-time sequencing technology is used across the world to analyse biological samples with speed and flexibility.
The company has raised over £1bn across 19 fundraisings, including high-profile backers such as Temasek, IP Group, and Wellington Management. It also acquired Canada-based Northern Nanopore Instruments in 2023 to expand its global footprint.
A £199k Innovate UK grant helped support the company in its early years, and it continues to scale commercially while pushing the boundaries of sequencing innovation.
01.
CMR Surgical
Year founded: 2014
Location: Cambridge
Funds raised: £1.03b
Topping the list is CMR Surgical, a global leader in robotic-assisted surgery best known for its flagship Versius system. Designed to support minimally invasive procedures, Versius has received regulatory approval in the US, UK, and across Europe — and is rapidly gaining adoption in hospitals worldwide.
The company has raised £1.03b through nine rounds, including a £432m growth-stage deal in 2021 backed by SoftBank, GE Healthcare, and Cambridge Innovation Capital. Further investments from LGT Capital Partners, Tencent, and Ally Bridge Group have supported its continued commercial roll-out.
In 2025, CMR Surgical was reported to be exploring a sale with a potential $4b valuation, highlighting its position as one of the UK’s most successful medtech scaleups
The future of medtech companies in the UK
The future of UK medtech is bright, and fast-moving. From AI-assisted diagnostics to robotic surgery and next-generation drug discovery, British medtech companies are driving innovation at every stage of the healthcare journey. With record levels of investment, international expansion, and new product approvals, the sector is maturing rapidly while continuing to break new ground.
Emerging technologies such as precision radiopharmaceuticals, advanced sequencing, and AI-led drug design are consistently being developed, trialled, and deployed by UK companies right now. The integration of data-driven platforms and remote monitoring tools is also helping reshape how healthcare is delivered, making it more personalised, accessible, and efficient.
Backed by strong academic institutions, world-class talent, and a supportive funding landscape, the UK is well-positioned to remain a global medtech hub. As challenges in public health and care delivery continue to evolve, medtech companies will be central to providing smarter, faster, and more scalable solutions.
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