United Kingdom-based Adapttech Ltd., a “biomedical innovation company” focused on technologies for people with physical limitations, just raised $2.7 million in a new venture capital funding round.
The funding round was supported by both existing and new investors. Existing investors included the MEIF Proof-of-Concept Fund, managed by Mercia Asset Management, and Bionova Capital (formerly Hovione Capital). The fundraise also included the following new investors: ACF Investors, Wealth Club, and Wren Capital.
The new funding will be used to support new product development as well as increase sales of Adapttech’s flagship product, the INSIGHT system. The INSIGHT system helps with the fitting of lower-limb prostheses.
According to its website, the INSIGHT system “combines a 3D scanner, a wearable device, and an iPad application to analyze the fitting of the residual limb-socket.” This technology improves the fitting process to “rapidly deliver an ultra-comfortable uniquely-fitted prosthesis for the patient.”
Adapttech was able to expand to the North American market following studies at two independent prosthetic clinics in the United States. For OTW’s initial coverage of Adapttech’s expansion, see “Advanced Prosthetics System Enters North America.”
OTW spoke with Adapttech CEO and Founder Frederico Carpinteiro about the new funding. “This new funding gives us a strong platform from which to simultaneously grow sales of our INSIGHT system, while also expanding our product line with new innovations that help people with physical limitations to improve their quality of life.”
Carpinteiro continued, “When fitting a lower limb prosthesis, it can take weeks to achieve a final, properly fitting solution, with several appointments often required, which is inconvenient for the patient and uneconomic for the clinic. Using INSIGHT, clinicians spend quality time attending to patients with limb-socket problems, technicians spend less time fitting, assessing and refitting sockets, and patients spend less time visiting and re-visiting the clinic.”
