Birmingham-based Adapttech is a biomedical startup focused on developing technologies that empower healthcare providers to help people with physical limitations to improve their quality of life. Now, the company has just bagged £2 million in venture capital funding.
Focuses on new product developments
The investment round was led by existing investors, including the MEIF Proof of Concept & Early Stage Fund managed by Mercia and part of the Midlands Engine Investment Fund. The others that took part in the round are Bionova Capital (formerly Hovione Capital) and new investors, including ACF Investors, Wealth Club and Wren Capital.
Adapttech will use the investment for new product developments and drive sales of its next-generation system to improve prosthetic devices’ fitting.
“We’re delighted to have secured significant investment from both existing and new investors as we seek to drive sales of INSIGHT,” said Frederico Carpinteiro, Founder, Adapttech. “The funding will also support our plans to develop and release new products, hire key personnel, and prepare our production processes for scale.”
“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,” said Stuart Mead, Chairman, Adapttech. “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.”
Behind the next-generation system!
Established in 2015 by Frederico Carpinteiro and Mario Saenz Espinoza, Adapttech operates with the goal of improving the quality of life for people with physical limitations through the use of innovative and smart wearable technologies.
Adapttech’s INSIGHT system combines a 3D scanner, sensors, wearable technology and a mobile app. It makes it faster and easier to reach a comfortably fitting prostheses socket and monitor a patient’s rehabilitation process. INSIGHT is available after successfully completing outcome studies at two prosthetics clinics in the United States. It was tested for health, function, satisfaction and pain level to verify the effectiveness of the INSIGHT system.