Biomedical start–up Adapttech has raised £2 million in a venture capital funding round.
The Birmingham-based firm is creating cutting-edge digital technologies to help with the fitting and monitoring of prosthetic limbs.
The round included new investors ACF Investors, Wealth Club and Wren Capital and was supported by existing investors including the MEIF Proof of Concept & Early Stage Fund – managed by Mercia and part of the Midlands Engine Investment Fund – and Bionova Capital.
The new funding will primarily be used for new product developments and to drive sales of the company’s INSIGHT system, which makes it faster and easier to correctly fit lower-limb prostheses and monitor the rehabilitation process.
“We’re delighted to have secured significant investment from both existing and new investors as we seek to drive sales of INSIGHT,” said Frederico Carpinteiro, founder of Adapttech (below).
“The funding will also support our plans to develop and release new products, hire key personnel, and prepare our production processes for scale.”
INSIGHT combines a 3D scanner, sensors, wearable technology and a mobile app to make it faster and easier to reach a comfortably fitting prostheses socket and monitor a patient’s rehabilitation process.
INSIGHT is now generally available, following successful outcome studies at two prosthetics clinics in the United States, where validated tests for health, function, satisfaction and pain level were used to verify the effectiveness of the INSIGHT system.
“This new funding is a significant milestone for Adapttech, as it represents the company’s transition from its development and testing phase into a fully commercial operation,” said chairman Stuart Mead.
“I’m delighted to say that there was strong interest from investors, both new and existing, and we’re looking forward to making the next year a landmark one for this company.”