A Welsh start-up that develops virtual reality technology for healthcare has secured a six-figure investment.
Rescape Innovation has received £480,000 through a combination of ten angel investors and the Development Bank of Wales.
The deal was led by South Wales-based investor Andrew Diplock with support from Angels Invest Wales, part of the Development Bank of Wales, Geldards and Capital Law.
Andrew and the syndicate of investors secured match funding from the £8m Wales Angel Co-investment Fund.
“The future is exciting for Rescape and with the new funding, the business will be able to make the right investment at the right time with innovative technology in the developing healthcare sector,” said Diplock.
“I was pleased to be able to introduce this South Wales based business to a group of leading and experienced businesspeople – they all agreed to back the exciting future development of this company.
“I focus my investment activity on high growth potential South Wales-based businesses. Rescape Innovation certainly fits the bill and I look forward to working with the management team in the years to come.”
Based in Cardiff, Rescape Innovation works to develop virtual reality products that help patients deal with pain, rehabilitation, stress and anxiety by distracting the brain.
The distraction therapy technology allows the patient to be immersed in a different reality, helping the brain to reduce pain and ease the feelings of anxiety.
Matt Wordley, chief executive of Rescape Innovation said: “This investment opens up an exciting new chapter for Rescape and puts us in the best position to expand our product offering to offer patients support through proven techniques like distraction therapy.
“There are so many factors in establishing a quality tech product but thanks to the support we’ve received from Andrew Diplock, the other angel investors and Development Bank of Wales, we’re not only leading VR innovation in Wales, but across the UK and the world.
“We’re proud to have started our business here in Wales and with the brilliant talent, infrastructure and support system, we’re able to grow and develop our products here too.”
The product has already been used in 31 healthcare institutions across the UK with a further 30 orders placed.
They are now responding to global interest in the technology including enquiries from Norway, Australia and South Africa.