For millions of people worldwide, chronic wounds are a daily battle. From diabetes-related ulcers to stubborn venous leg wounds, these injuries can linger for years, costing dignity and hefty sums annually in healthcare expenses. Inotec, a Cambridge-based startup, has emerged as a ray of hope with its groundbreaking therapy, NATROX O₂.
Compact, wearable, and powered by continuous topical oxygen, this innovative device is transforming wound care by accelerating healing and giving patients the freedom to recover at home.
Recently bolstered by a $33 million Series C funding round, Inotec is gearing up to make this life-changing solution available across the U.S. and beyond.
The funding, led by Amadeus Capital Partners alongside Meltwind, Puhua Capital, and the Wealth Club, marks a critical step forward for the company. It will secure national reimbursement in the United States and support the expansion of Inotec’s leadership team to drive global growth.
Lion Herald spoke with Inotec’s CEO Craig Kennedy to learn more about the story behind this company and how it is setting a global standard in chronic wound care.
In healthcare innovation, breakthroughs are often measured not just by their sophistication, but by the simplicity and accessibility they bring to patients.
Under the leadership of Craig Kennedy, CEO of Inotec, the company’s flagship product, Natrox, is transforming chronic wound care with a revolutionary approach: delivering pure oxygen directly to wounds through a portable, easy-to-use device.
“Every wound needs a good supply of oxygen,” Kennedy explains, pointing to the basic physiological principle underlying the technology. It’s a reminder that even the most complex problems can sometimes be addressed with elegant, straightforward solutions.
The story of Natrox began in Cambridge, UK, with a team of inventors inspired by personal tragedy. A close friend of Mel Vinton, one of the founders, witnessed his aunt endure years of failed treatments for a chronic wound. Frustrated by the lack of effective solutions, he sought out a professor at the University of Cambridge to find a better approach. Together, they developed a device that pulls moisture from the air, converts it into nearly pure oxygen through electrolysis, and delivers it directly to the wound.
Sadly, the aunt passed away before the product was commercialized, but her struggle remains the cornerstone of Natrox’s mission. As Kennedy recounts, “That story has always inspired us to focus on those patients who are underserved by existing therapies.”
Craig Kennedy joined Inotec to take this groundbreaking technology to the global stage. An American with extensive experience in healthcare, including roles at General Electric and Johnson & Johnson, Kennedy’s career has always been driven by a passion for innovation and patient care.
“When I came on board, our goal was clear: to make Natrox available to as many patients as possible,” he says. Inotec has scaled operations to 46 countries, including key markets in Asia, Europe, and the Americas. This success has been achieved through strategic partnerships with distributors and healthcare providers who understand the complexities of regional payer systems.
“You’re only as good as your distributor,” Kennedy emphasizes. “It’s about finding partners who not only sell products but understand the intricacies of navigating healthcare systems in their markets.”
The technology behind Natrox
At its core, Natrox is built on simplicity and effectiveness. The device starts working the moment a battery is attached, pulling moisture from the air and converting it into oxygen that promotes healing. This design eliminates the need for complex setups, making it suitable for use at home, in clinics, and in hospitals.
“We wanted something easy for nurses, doctors, and caregivers,” Kennedy says. “Simplicity is key because these patients don’t have time for complicated solutions.”
The device has proven particularly effective for patients with comorbidities like diabetes or venous insufficiencies, who are prone to chronic wounds that often fail to heal with standard treatments. Kennedy shares a compelling example: a veteran with a five-year-old wound that Natrox healed in just over 120 days.
One of Natrox’s unique strengths is its focus on patients whose wounds fail to heal with standard care. “About 50% of chronic wounds don’t heal with existing treatments,” Kennedy explains. “That’s where we come in—addressing the unmet need.”
Clinical data supports this claim, with studies showing that Natrox can heal up to 70% of these stubborn wounds and within one study 76% of patients had
“substantial, rapid pain relief” and 69% stopped taking opioids completely. This success has fueled the company’s growth and its ability to secure significant funding.
Inotec recently closed its Series C funding round, raising over $33 million. Kennedy attributes this milestone to a strong investor base and the product’s universal relevance. “We’ve shown that Natrox is applicable in many regions,” he says, highlighting its adoption in the NHS, across Asia, and in South America.
Aligning investor goals with patient-centric innovation has been critical. “If we can heal patients and demonstrate that, everyone benefits—investors, payers, and, most importantly, patients,” Kennedy states.
To broaden its appeal, Inotec has also introduced Natrox IQ, a diagnostic tool that gathers data to monitor patient outcomes. Kennedy sees this as part of a larger effort to expand the company’s portfolio while addressing evolving healthcare challenges.
Scaling a medical innovation globally has not been without challenges. Navigating healthcare reimbursement systems, particularly in the U.S., has been a complex and lengthy process. “There’s no checklist for reimbursement; it’s an arbitrary process,” Kennedy notes. Inotec has focused on building robust clinical evidence and working closely with regulators to remove barriers.
Kennedy’s leadership approach emphasizes collaboration and shared purpose. “I’d put this management team up against any I’ve worked with,” he says. “They’re passionate about our mission, and that shared commitment has been key to overcoming challenges.”
A future shaped by AI and diagnostics
Looking ahead, Kennedy sees artificial intelligence playing a transformative role in wound care. “AI will help us analyze data more effectively, leading to better patient outcomes and combination therapies,” he predicts. Advances in gene expression therapy and molecular diagnostics also excite him, as they promise earlier detection of wounds unlikely to heal with standard care.
At the heart of Inotec’s mission is a commitment to improving lives. For Kennedy, this means more than just healing wounds—it’s about restoring dignity and quality of life for patients and their families.
“The disruption to patients’ lives is horrendous, and it doesn’t need to be,” he says. “We’re dedicated to finding solutions that allow patients to live without the constant worry of chronic wounds.”
Speaking with Craig we understood more on how chronic wounds can be more than a medical challenge, they disrupt daily life, erode dignity, and weigh heavily on emotional well-being.
Luckily, Inotec’s NATROX O₂ is changing that narrative by empowering patients to heal without the constant worry of their wounds.
Whether it’s enjoying time with grandchildren or having tea with friends, NATROX O₂ enables patients to reclaim their lives, free from the fear of discomfort or stigma.
