Handsome will use the capital to complete product development and clinical trial studies as well as achieve relevant ISO accreditations needed to bring its products to market.
Handsome chief executive Mark Critchley said the company intends to bring its currently developing spinal pain relief devices to market in 2013.
"The investment and support from The North West Fund for Biomedical will be crucial in helping us to maintain our progress and translate our innovations into commercial reality," Critchley said.
The North West Fund for Biomedical manager and SPARK Impact senior investment director Dr Penny Attridge said the products being developed by the company could make a significant impact on the provision of healthcare in the UK and beyond.
"We are delighted to make this investment and look forward to seeing how the team progresses in the coming months and years," Attridge said.
The North West Fund for Biomedical is a sub-fund of The North West Fund, which is provided by the European Investment Bank (EIB) and the European Regional Development Fund (ERDF).
The North West Fund for Biomedical said it provides grants to the companies who are involved in developing pharmaceuticals, new diagnostics and medical devices and those working in the fields of clinical research, contract manufacturing and analytical services.