Biomedical startup Adapttech has raised £2 million in a new venture capital funding.
The company, which is based at the Institute of Translational Medicine in Edgbaston, will use the new finance for product developments and to drive sales of its ‘Insight’ system which it says makes it easier to fit lower-limb prostheses and monitor rehabilitation.
The system combines a 3D scanner, sensors, wearable technology and a mobile app to make it faster and easier to reach a comfortably fitting prostheses socket.
This funding round was supported by a mix of mew amd existing investors including the Midlands Engine Investment Fund, Bionova Capital, ACF Investors, Wealth Club and Wren Capital.
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Adapttech’s founder Frederico Carpinteiro said: “We’re delighted to have secured significant investment from both existing and new investors as we seek to drive sales of Insight.
“The funding will also support our plans to develop and release new products, hire key personnel, and prepare our production processes for scale.”
Chairman Stuart Mead added: “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.
“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.”