£1.3m investment for biomedical firm with new way to fit artificial limbs
A Midlands biomedical start-up which has developed technology that helps the fitting of artificial limbs and prostheses has closed a £1.3m funding round led by Mercia Fund Managers.
Adapttech has secured £250,000 from the MEIF Proof of Concept & Early Stage Fund, managed by Mercia and part of the Midlands Engine Investment Fund, £500,000 from Mercia’s EIS funds, with the remainder from the Portuguese venture capitalist Hovione Capital and private investors.
The company has recently moved its headquarters from Portugal to the Institute of Translational Medicine (ITM) in Birmingham and will use the funds to help finalise clinical trials and commercialise the product.
Adapttech was founded in 2015 by biomedical engineers Frederico Carpinteiro and Mario Espinoza. Its INSIGHT tool offers a faster and easier way to fit lower-limb prostheses and monitor patients’ rehabilitation.
INSIGHT is a scanner which creates a 3D model of the prosthesis socket, a wearable device which fits between the residual limb and the prosthesis and gathers data to pinpoint problem areas where the socket may need adjusting; and an app, through which healthcare professionals can access the results.
It has received positive feedback from trials in Portugal and according to one medic, could lead to ‘the greatest evolution of the last 30 years in prosthetics fitting’. A new clinical trial will start soon at the West Midlands Rehabilitation Centre in Birmingham with the NHS, OPCare and Birmingham Healthcare Partners.
Frederico Carpinteiro, president of Adapttech, said: “This funding round will allow us to finish all the certification processes and start selling in Europe. The input from investors, their network and know-how will also help us achieve our milestones faster.”
Peter Dines, COO at Mercia, said: “Fitting a prosthesis takes a lot of time because technicians rely on the patient reporting discomfort and a trial and error methodology. Adapttech’s smart solution provides objective data to speed up the process and create a comfortable prosthesis as soon as possible. The funds will allow the company to finalise clinical studies, build a sales and marketing team to commercialise the product in Europe with a view to entering the US market in the near future.”