A Perth-based company which has developed a new dental device has launched an online crowdfunding campaign to raise £1 million in capital to take it to market.

Reminova has purportedly developed a painless treatment for early-stage tooth decay and is appealing to investors to get behind its campaign on Share-In, an equity crowdfunding platform based in Edinburgh.

The 60-day campaign has set an initial target of £500,000 and a ‘stretch target’ of £1 million.

Investors are offered 278 shares (a 0.02 per cent stake) in the company for a minimum investment of £1,000 GBP, although American investors are expected to stump up at least $5,000 USD to get involved.

Reminova believes it is the first firm to run an equity crowdfunding campaign in the UK and US simultaneously.

Speaking to The Herald about the crowdfunding campaign, chief executive Dr Jeff Wright said: “It’s an interesting new paradigm for early-stage companies.

“Crowdfunding allows you to go out and get investment from end customers - we have had a lot of dentists, for example, contact us saying we want to invest and we want to buy your product when it is ready.

“That’s amazing for a start-up - before you have even launched your product - to have end customers saying when can I buy it? How can I help you?”

The product would be brought to market within three years, following trials on extracted human teeth.

Mr Wright says he raised around £13 million of venture capital funding for companies before joining Reminova, including involvement with successful start-ups Pyreos and MicroEmissive Displays.

Part of the cash raised through the crowdfunding campaign will be used to expand the development team in Scotland, strengthen its commercial operations and management team, and explore strategic partnerships with companies that already supply dental products.