Spring Loaded Technology, a Halifax, Canada-based developer of a lightweight and compact bionic knee brace, secured $1.9M in seed funding.
Build Ventures made the investment.
Founded in 2012 and led by CEO Chris Cowper-Smith and CTO Bob Garrish, Spring Loaded Technology designed an entirely new knee bracing technology (LevitationTM) to enhance the strength and power of the leg muscles. By increasing leg strength, the technology can be used in a wide range of applications including mobility assistance, fatigue reduction, injury prevention, injury rehabilitation, and performance enhancement.
In a campaign on Indiegogo, LevitationTM, reached its original goal of $75,000 within 48 hours, and is now over 200% funded within two weeks. In addition, the company is announcing a military contract with the Canadian Department of National Defence for $1M.
Spring Loaded Technology is currently manufacturing units, and will begin to ship to backers of the Levitation™ campaign in June of 2016.