Sion Barry highlights the latest equity investment developments in Wales
16:18, 14 May 2026
The team at K3 Metrology
This is a roundup of the latest deals and investments in Welsh business
K3 Metrology
Spinout from the National Physical Laboratory (NPL), K3 Metrology has launched with a £2.75m seed investment to commercialise Metralis, a next‑generation metrology platform designed for advanced manufacturing environments.
The funding round is supported by the Development Bank of Wales with a £1m equity investment alongside £1m from Parkwalk and £750,000 from the UK Innovation & Science Seed Fund (UKI2S.
Based at the Advanced Manufacturing Research Centre Cymru (AMRC-C) in Broughton, K3 Metrology enters the market as manufacturers across aerospace, defence, nuclear and other high‑value sectors are seeking more efficient, traceable and scalable measurement solutions.
The company was founded by Professor Ben Hughes (chief technology officer) and Dr Mike Campbell (chief executive), who have worked together for more than 12 years at NPL developing the Metralis technology and building strong relationships with major industrial partners.
Metralis was created in response to direct feedback from large industrial users who highlighted the limitations of legacy systems. In customer trials, the start-up has demonstrated significant performance gains and a timing study with a major manufacturing partner having found that using Metralis resulted in efficiency gains of 60%.
Dr Campbell said: “For decades, manufacturers have been forced to compromise between accuracy, speed and scalability. Metralis removes that trade‑off entirely.
“This investment enables us to bring a step‑change technology to market and support the UK’s most advanced industrial sectors. Metralis is the result of years of scientific development at NPL, and we are now grateful for the support of the development bank, Parkwalk and UKI2S.
Penny Holt, chief financial officer of NPL, said: “Metralis is a transformative technology with the ability to raise industrial productivity, strengthen UK manufacturing competitiveness, and set new international standards in large‑volume measurement.
“This seed investment marks an important step in translating 15 years of NPL research into real‑world impact, and we’re proud to support the K3M team as they take this capability to market.”
Gareth Mayhead and Tom Linney, investment executives in the technology ventures team at the Development Bank of Wales. They structured the investment deal for K3 Metrology.
Mr Mayhead said: “Our funding gives K3M the runway to complete product development, grow the team in North Wales and build early commercial proof points in sectors where precision and throughput matter. Its base at AMRC Cymru provides valuable proximity to industrial partners, collaborative facilities and a skilled regional workforce.”
Alun Williams, investment director, Parkwalk, the UK’s most active investor in university spin‑outs, brings deep experience in commercialising complex IP, said: “K3 Metrology is a great example of the world‑class, science‑led innovation that Parkwalk exists to back. Metralis embodies the kind of breakthrough, industrial deep‑tech we look for – addressing a clear need with a platform that can transform productivity for advanced manufacturers.
“Its real‑time, high‑accuracy measurement capability represents a significant step forward in precision metrology, overcoming the limitations of legacy systems and enabling throughput levels demanded by aerospace, defence and other high‑value sectors. We are excited to be investing in K3M as the team brings this rigorously validated, next‑generation technology into commercial deployment.”
UKI2S, managed by Future Planet Capital, is a specialist early‑stage investor in UK innovation. Sakura Holloway, investment director at Future Planet Capital,said: “K3 Metrology is exactly the type of company our fund exists to invest in and support the growth of.
“We are proud to have identified the opportunity and support spinout creation from NPL, through to investing alongside the Development Bank and ParkWalk in this round.”
Mariposa
Cardiff-based Mariposa Therapeutics has secured £750,000 in seed funding to advance the development of a potential treatment for rare and painful genetic skin condition epidermolysis bullosa simplex (EBS).
The investment was led by the Development Bank of Wales, which has committed up to £300,000 in equity from the Wales Technology Seed Fund. Co-investments have come from specialist rare disease charity DEBRA Research and the existing founders.
Mariposa will use the funds to undertake pre-clinical development of the drug MP5219 as a potential first disease-modifying therapy for EBS. The funding will support further studies as well as being used to secure scientific advice and early engagement with regulators.
EBS is a chronic, painful and potentially life-limiting genetic condition that causes the skin to blister and tear with the mildest friction or heat. There are no treatments that address the underlying cause.
MP5219 works by activating the expression of keratin 17 and other inducible keratins, restoring skin integrity and preventing blister formation. This approach has the potential to transform the lives of children and adults living with EBS by enabling normal mobility, extending life expectancy and offering the prospects of a life free from constant pain.
It is estimated to affect around 1 in 125,000 people throughout the US and Europe and upwards of 500,000 people worldwide. The potential size of the market for a treatment, based on currently diagnosed patients with access to treatment centres, is in the region of £1bn.
It is likely that MP5219 will receive orphan drug status, a special regulatory designation which offers a host of benefits including reduced fees for regulatory activities, tax credits for clinical trials and extended market exclusivity.
Specialised regulatory assistance is also often made available.
With Cardiff-based Dr Lucy Sykes as chief scientific officer, Mariposa intends to establish a Cardiff-based research facility with laboratory space this year, following its next funding round, as well as to recruit scientific staff in Wales to support formulation development and future manufacturing activities.
CEO Dr David Howat has decades of experience has a chief development officer in numerous companies, and his skillset will be vital in progressing preclinical development.
Dr Howat said: “With this funding we can take MP5219 through preclinical development and build the foundations for clinical testing. We are committed to developing Mariposa as a Welsh company, and our longer-term vision is to establish a dedicated science base in Cardiff, creating high-value jobs and capabilities to support the next stages of development.
“The continued support of our founders and existing investors along with the backing of the development bank and DEBRA Research is a real vote of confidence in our potential to deliver a first-in-class treatment.”
Dr Martin Steiner, managing director at DEBRA Research, said: “Our investment in Mariposa exemplifies how impact capital can accelerate the translation of cutting-edge science into real hope for patients. “We’re excited to support the development of MSP5219, which has the potential to become the first disease-modifying therapy for EBS, and to help bring it into the clinic, offering real, meaningful improvements for people living with this condition.”
Harry George, investment executive with the Development Bank of Wales. said: “Our investment provides the foundation for Mariposa to progress towards further funding that will drive the clinical development of a life-changing treatment. The backing of DEBRA is a strong endorsement of the company’s potential and reflects our commitment to working with co-investors to increase the flow of funding into Wales.”
Elmatic
One of the UK’s oldest manufacturers of industrial electric heating elements, Cardiff-based Elmatic, has been acquired by Swedish corporate giant NIBE Industrier AB.
Founded in 1949, Elmatic (Cardiff) Ltd has operated as a family-run business producing custom-built industrial heating solutions.
NIBE Industrier AB brings more than 70 years of international industry leadership. Originating in Markaryd, Sweden it has become a
global group providing sustainable, energy-efficient heating, climate and control solutions.
John Skalitzky, former owner of Elmatic (Cardiff) Ltd, “On behalf of my family and myself, we are reassured by the knowledge that Elmatic’s future will continue under the leadership of NIBE’s group of companies. I would like to thank the exceptional team of employees, who will continue their work in very capable hands.”
Following the acquisition, the value of which has not been disclosed, Elmatic will continue to operate with the same management team. To support the transition Simon Ellam, managing director of Backer Heatrod and Heat Trace , will take on a chairman role supporting Elmatic’s leadership team. His extensive industry expertise and experience within NIBE Element’s UK operations will help guide Elmatic through its next chapter of growth.
Mr Ellam said “It’s clear that industrial heating technology has been at the heart of Elmatic’s strategy from the start and combining this core strength with both our UK and group capabilities will only go to strengthen the industrial heating solutions we can provide. John took the business on from his father and has continued to innovate from both a business and technology perspective ever since. I’m excited to learn from the team and to help guide Elmatic in the coming years.”
Cardiff-based Gambit Corporate Finance acted as lead advisor to the shareholders of Elmatic on initiating, negotiating, structuring and project managing the transaction. The Gambit team comprised Frank Holmes (partner), Cen Thomas (director), Sean David (executive) and Leo Crawford (analyst).
Mr Skalitzky added: “From the inception of the process to completion, their commercial experience and guidance was invaluable and they took a “sleeves-rolled up” approach to supporting us every step of the way.”
Mr Thomas, director at Gambit, said: “Elmatic is a great example of a leading industrial business with a strong family heritage and its acquisition by NIBE provides a strong platform for its future growth. We are delighted to have advised the shareholders of Elmatic with this landmark transaction.”
Geldards provided legal advice to the shareholders and its team was led by Alex Butler, Mina Dimitrova (corporate) and Henry Bright (commercial property).
Alesi Surgical
Cardiff-based surgical tech company Alesi Surgical, which is tackling surgical smoke in operating theatres, has successfully closed a £7m funding round to support growth plans.
The round was led by IW Capital and supported by existing shareholders, IP Group and Mercia Ventures.
Surgical smoke is produced in around 90% of procedures, of which there are an estimated 266 million each year. The smoke impairs surgeons’ visibility and exposes healthcare staff and patients to harmful aerosols and particulates.
Historically, adoption of smoke management solutions has been limited by cumbersome extraction systems that interrupt surgical workflow. But growing regulatory momentum – led by the US where 20 states have now passed regulation – is driving a shift towards smoke-free operating theatres becoming the standard of care.
Alesi’s technology uses electrostatic precipitation to actively remove smoke as it is generated rather than relying on suction and mechanical filtration.
The first-generation ultravision system has already been used in over 50,000 “keyhole” laparoscopic and robotic procedures in Europe, the US and Japan.
The funding will support international commercial expansion and further development of Alesi’s ultravision2 platform as regulation around smoke control tightens.
Dr Dominic Griffiths, founder and chief executive of Alesi Surgical, said: “For years, available solutions have required trade-offs between effectiveness and workflow disruption, slowing adoption across the industry.
“As awareness grows that smoke management is integral to surgical safety and efficiency, solutions that tackle smoke at its source, such as ultravision2 which is FDA-approved and CE-marked, are becoming increasingly important for supporting the next generation of minimally invasive and robotic procedures.”
Isobel Egemole, investment director at IW Capital, said: “Alesi Surgical offers a fundamentally different approach to smoke management that addresses the problem at its source. As the industry moves toward smoke-free operating theatres becoming the norm, Ultravision2 is well positioned to play a key role.”
Creo Medical
Chepstow-based medical devices firm Creo Medical has agreed a sale of its manufacturing operation as part of an ongoing efficiency drive. The deal, the value of which has not been disclosed, is expected to be finalised next month via a management buyout.
Creo, which specialises in devices in the emerging field of minimally invasive surgical endoscopy for pre-cancer and cancer patients, said that 25 staff will transfer over to new entity NewCo, which will become a third party manufacturer of Creo devices.
It said the manufacturing disposal is consistent with its strategy to pivot to a “lean, new product introduction company that designs, builds and tests medical devices that are then produced by third party partners.” Having considered various options, it added that a management buyout represented the best outsourcing option.
Peter Tomlinson, current chief operating officer at Creo and chief executive of NewCo, said: “his strategic decision marks an exciting new chapter for the Creo Medical operations team. Having developed the manufacturing capability within Creo, we see a clear opportunity to establish a focused, world-class medical device manufacturing and engineering business.
“Our ambition is to build a highly capable and globally competitive manufacturing platform for advanced medical technologies.
“We remain deeply committed to supporting Creo Medical’s growth and innovation, and the long-term partnership between our organisations will continue to be a cornerstone of our future.”
Creo’s chief executive Craig Guliford said: ““Having looked at the options available for our outsourcing strategy, it became very clear that the capability within the operations team stands out in the UK peer group we evaluated. I am excited to see our volumes grow in the short term and working closely with Peter and the team as they embark on realising the growth potential in this area of the devices market.
“This enables the team at Creo to focus on that which is unique to us, significantly differentiated product design, clinical application and sales execution through our sales channels with real traction and momentum.”