UpLyft, a San Diego, CA-based medical technology company, raised $10M venture leasing facility with Kineo Finance.
The company intends to use the funds for its leasing program for both consumers at home and healthcare facilities. The venture leasing facility from kineo will assist UpLyft in the fulfillment of 2,000 leased units to consumers, healthcare facilities and distributors across the country. The company’s leasing program is anticipated to be driven primarily by healthcare institutions, such as hospitals, nursing homes and complex rehabilitation clinics. Lease orders have already commenced for consumers at home, as geriatric and bariatric trends continue to drive demand for novel ‘aging in place’ home medical technology products like UpLyft.
Led by Craig Misrach, President & CEO, UpLyft provides a method to empower people with mobility limitations to safely and efficiently self-transfer from bed to wheelchair, and viceversa. For consumers at home, the company restores independence to people with mobility challenges, improving their quality of life. In institutional settings, UpLyft protects healthcare workers from encountering patient lifting injuries, avoiding costly workers compensation claims.
This past month, the company completed the manufacturing of all initial pre-sold UpLyft systems, which have now been shipped to distribution partners or installed in pre-order customers’ homes across 12 states nationwide.
In addition to their deal with kineo, UpLyft held an initial closing of a $5 million Preferred Stock Round earlier this year in July 2022. Investors in the round included IHD Ventures, Fortech Investments, August Holdings, and members of U.S. Angels, CalTech Angels, Danube Angels, and the San Diego Angel Group. The company has additional Preferred Stock available for investment by accredited investors via UpLyft’s investment portal on Redcrow.