Birmingham, United Kingdom-based biotechnology startup Adapttech Ltd has recently secured £2.25M in funding from a range of investors, including ACF Investors, Mercia Asset Management, Wealth Club, and Wren Capital. Adapttech has also announced the launch of its INSIGHT Range family of lower-limb prostheses technology.
The company reports that the funding will be allocated toward improving outcomes for patients in need of orthotics and prosthetics. “Adapttech brought its first product to market during 2021, successfully securing a number of sales. We are delighted to be supporting the team with a follow-on investment to continue to scale the business and build out the product portfolio,” said Stephen Windsor, Investment Director at Mercia.
Adapttech is a biomedical technology company that develops tools to benefit patients with physical limitations through empowering their providers with the best clinical tools possible. The company recently entered into licensing agreements with University of Washington for a self-reporting tool called Prosthetic Limb Users Survey of Mobility (PLUS-M), Modus Health for a step-watch software called Stepwatch, and Advanced Rehabilitation Therapy for a tool called Amputee Mobility Predictors (AMPPro/AMPnoPro). These data collection methods will aid in the creation of future, patient-centered products.
The medtech firm is the first to utilize both 3D scanning and dynamic pressure data to create more streamlined and efficient clinical care. The new INSIGHT Range product range features INSIGHT Sense, a portable pressure measurement system that provides real-time data to providers, INSIGHT Digitizer, a prosthetic socket digitizer that provides high-resolution 3D data, and INSIGHT Pro which combines the sophisticated info from the two former tools, for the benefit of larger clinics and facilities.
Adapttech CEO Frederico Carpinteiro stated, “With the new INSIGHT Range, we’re responding to requests for a scanner-less system, reduced hardware costs, and improved data collection. This new funding comes at a time when we are developing exciting new technologies to benefit our O&P clinic customers and their patients. We look forward to continuing our trajectory in growing our revenues, product portfolio, and international business operations.”
Partner at ACF Investors, Paul Fauset, also expressed confidence in the new company’s growth. “The unique IP [intellectual property] at the heart of Adapttech’s products means there is a great opportunity for the company to become a leader in the orthotics and prosthetics industry, with smart technologies that are improving the quality of life for users. This latest round of funding builds on the team’s success and we look forward to seeing the business grow as it accelerates product development.”
