Adapttech – the biomedical start-up backed by Mercia – has raised a further £2m to help fund new product development and drive sales of its INSIGHT system, which makes it faster and easier to fit lower-limb prostheses and monitor the patient’s rehabilitation.
The latest round was supported by the MEIF Proof of Concept & Early Stage Fund, which is managed by Mercia and part of the Midlands Engine Investment Fund, and Bionova Capital (formerly Hovione Capital), as well as new investors including ACF Investors, Wealth Club and Wren Capital.
Adapttech’s founder Frederico Carpinteiro (pictured) said: “We’re delighted to have secured significant investment from both existing and new investors as we seek to drive sales of INSIGHT. 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.
The company’s chairman Stuart Mead added: “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. 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.”
The Midlands Engine Investment Fund project is supported financially by the European Union using funding from the European Regional Development Fund (ERDF) as part of the European Structural and Investment Funds Growth Programme 2014-2020 and the European Investment Bank.