MEIF - Proof of Concept

Smart prosthetics firm raises £2.25m to boost global expansion

7th April, 2022

A Birmingham biomedical company which has developed a smart device for fitting lower limb prosthetics has received a further £2.25m investment to boost its global expansion.

Adapttech has secured investment from the MEIF Proof of Concept & Early Stage Fund, which is managed by Mercia and part of the Midlands Engine Investment Fund, Mercia’s EIS funds, Wealth Club clients and angel investors. The latest funding round brings the total investment in the business to £7.3m and follows its success in gaining FDA’s proof of concept approval for its system in the US,and making initial sales to clinicians in America and Europe.

The funding will enable the company to bolster the team with the creation of five new jobs, including the appointment of a new CTO,  further develop its pipeline of products and expand into the global prosthetics market.

Adapttech was founded by CEO Frederico Carpinteiro to improve the lives of those with lower limb loss. Its initial product, the INSIGHT system, makes it easier for clinicians to fit lower limb prosthetics and monitor patient rehabilitation, offering cost savings and enhanced comfort. The company was first backed by Mercia and the MEIF in 2017.

Stephen Windsor, Investment Director at Mercia, said:

“Adapttech brought its first product to market during 2021, successfully securing a number of sales. We are delighted to be supporting Fred, Stuart and the team with a follow-on investment to continue to scale the business and build out the product portfolio.” 

Frederico Carpinterio, CEO of Adapttech, said:

“This is a very important investment milestone for Adapttech because it will allow us to start scaling our sales and our manufacturing capabilities, as well as grow our team, by hiring some key personnel.

“Mercia has been instrumental in Adapttech’s success since the beginning. Their belief in the project and ongoing support has helped sell the vision of the company to other investors as well, because they look up to Mercia as the lead investor.”

Alex Davies, CEO of Wealth Club, commented:

“This is an award-winning and patented system that increases comfort for users and speeds up the lengthy trial and error fitting process for clinicians.  So far, Adapttech has received a warm welcome across Europe, but this represents only a small portion of the prosthetics market. Now border restrictions are starting to ease, investors will have all eyes on what’s happening in North America which, with currently almost 2 million amputees, represents 50% of the global market.

“The £1m injection by Mercia will have boosted confidence amongst our clients who have invested a further £500,000 in this round, that the highly experienced management team can now take the business to the next level across the pond.”

Mark Wilcockson, Senior Investment Manager at the British Business Bank, said:

“It’s great to see Adapttech, a global company based in Birmingham, using this further round of investment from MEIF to upscale its products and expand its global markets with the creation of new jobs. Any businesses in the Midlands looking to scale up in this way should consider MEIF funding. ”

David Hardman, Interim Deputy Chair, Greater Birmingham and Solihull Local Enterprise Partnership (GBSLEP) added:

“By investing in and working directly with our public, private and academic partners, GBSLEP has been at the forefront of promoting the development of the cluster for health, life sciences and medical technologies. Businesses like Adapttech have a pivotal role in continuing to grow this sector, boosting the West Midlands reputation nationally. This latest round of funding will help its growth ambitions through expanding the workforce and supporting it new commercial markets.”

The Midlands Engine Investment Fund 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.

 

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