Adapttech, a Birmingham, UK-based biomedical startup, raised £2m in funding.
The round was supported by existing investors including the MEIF Proof of Concept & Early Stage Fund, which is managed by Mercia and part of the Midlands Engine Investment Fund, Bionova Capital (formerly Hovione Capital), as well as new investors including ACF Investors, Wealth Club and Wren Capital.
The company intends to use the funds to develop new technologies and grow sales of its system for improving the fitting of prosthetic devices.
The company intends to use the funds for new product developments and sales of its INSIGHT system.
Led by Frederico Carpinteiro, Founder, and Stuart Mead, Chairman, Adapttech provides INSIGHT, which combines a 3D scanner, sensors, wearable technology and a mobile app to make it easier to reach a comfortably fitting prostheses socket and monitor a patient’s rehabilitation process. INSIGHT is now generally available, following successful outcome studies at two prosthetics clinics in the United States, where validated tests for health, function, satisfaction and pain level were used to verify the effectiveness of the system.
The Midlands Engine Investment Fund project is supported financially by the European Union using funding from the European Regional Development Fund (ERDF) as part of the European Structural and Investment Funds Growth Programme 2014-2020 and the European Investment Bank.