Birmingham’s Adapttech raises £2.25m for prosthetic technology
Biomedical startup Adapttech has raised £2.25m in funding from investors Mercia Asset Management, ACF Investors, Wren Capital and Wealth Club.
Adapttech will use the funding to continue developing smart, wearable technologies to help people with physical limitations improve their quality of life.
The Birmingham-based startup combines the use of 3D scanning with dynamic pressure data with the goal of saving time and costs for orthotics and prosthetics clinics.
“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,” said Frederico Carpinteiro, CEO, Adapttech.
The funding follows a £2m investment in March last year, led by the MEIF Proof of Concept & Early Stage Fund managed by Mercia and part of the Midlands Engine Investment Fund.
Alongside Adapttech’s funding, it has also announced several new products including a real-time analysis pressure measurement system and a digitiser for prosthetic sockets that creates high-resolution 3D models.
“The unique IP 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,” said Paul Fauset, partner at ACF Investors.
Adapttech recently secured a licencing deal with the University of Washington for the Prosthetic Limb Users Survey of Mobility self-reporting tool and Advanced Rehabilitation Therapy for the Amputee Mobility Predictors.