Mulder secures £500,000 in pre-seed funding to transform medical device traceability
Mulder, a UK-based, female-led, and minority-owned MedTech SaaS startup, has announced the successful raise of £500,000 in its rolling pre-seed round. Led by SFC Capital, a prominent early-stage investor in the UK, the round also received support through an Innovate UK SMART Grant. Mulder is dedicated to transforming traceability and regulatory compliance in the medical device industry.
This funding will accelerate Mulder’s mission to tackle the transparency and compliance challenges that complicate the medical device supply chain. Mulder is developing a blockchain-powered platform specifically designed for MedTech manufacturers, offering comprehensive solutions for regulatory compliance, recall management, and end-to-end traceability.
Founded by seasoned professionals—Michelle Kuei, Sriya Deokar, and Prathyusha Kadivella—Mulder’s leadership team brings together extensive expertise in healthcare innovation, regulatory compliance, and technology development. “Securing SFC as our first institutional investor is a significant validation of our vision,” said Michelle Kuei, CEO of Mulder. “With their support, alongside the backing from Innovate UK, we’re poised to accelerate our development, launch pilot programs, and move closer to full commercial deployment.”
Niklas Föltz, Marketing & Communications Manager at SFC Capital, shared his enthusiasm: “Mulder is leading a transformation in compliance within the medical device industry, addressing a critical need for innovation in this space. We’re excited to back the team on their journey and believe they will reshape how the industry operates.”
Addressing a Critical Industry Need
With an evolving regulatory landscape, Mulder’s launch comes at an ideal time. New frameworks, such as the EU MDR and IVDR, are heightening requirements for device traceability, post-market surveillance, and cybersecurity. Additionally, advancements in medical device manufacturing—such as the integration of AI, IoT, and data analytics for supply chain optimisation—are increasing the demand for connected, transparent systems. Mulder’s blockchain-based solution is aligned with these trends, giving manufacturers an innovative tool for navigating today’s complex regulatory landscape.
The global medical device market is substantial, with a total addressable market estimated at £40 billion in 2024. Initially, Mulder will focus on the UK's SME medical device manufacturer market. This strategic approach will serve as a launchpad for international expansion, targeting the US, EU, Japan, India, and Taiwan's SME segments.
Future Plans and Partnering Opportunities
As Mulder prepares for its pilot phase, it is actively engaging with industry partners to participate in pilot programmes, allowing manufacturers early access to its groundbreaking platform. With the second tranche of its pre-seed round opening in early 2025, Mulder anticipates significant milestones that will pave the way for growth and future valuation increases.
This funding marks a pivotal milestone in Mulder’s journey to reshape the MedTech industry. By delivering a transparent and dependable traceability solution, Mulder empowers manufacturers to seamlessly manage regulatory requirements, enhancing patient safety and driving innovation across the healthcare landscape.
