ADAPTTECH SECURES £2 MILLION IN NEW FUNDING
Biomedical company will use funding to develop new technologies and grow sales of next generation system for improving the fitting of prosthetic devices.
BIRMINGHAM, UK – MARCH 23, 2021 – Biomedical startup Adapttech announced today that it has raised £2 million in a new venture capital funding round. 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 new funding will be primarily be used for new product developments, and to drive sales of the company’s INSIGHT system, which makes it faster and easier to correctly fit lower-limb prostheses and monitor the rehabilitation process.
“We’re delighted to have secured significant investment from both existing and new investors as we seek to drive sales of INSIGHT,” said Frederico Carpinteiro, Founder, Adapttech. “The funding will also support our plans to develop and release new products, hire key personnel, and prepare our production processes for scale.”
INSIGHT combines a 3D scanner, sensors, wearable technology and a mobile app to make it faster and 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 INSIGHT system.
“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,” said Stuart Mead, Chairman, Adapttech. “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.”
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.
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Adapttech is a biomedical company focused on developing technologies that empower healthcare providers to help people with physical limitations to improve their quality of life. In 2018, the company closed a €2M investment round with Mercia Asset Management as lead investor and Hovione Capital as follow-on. www.adapttech.eu
About ACF Investors
Launched in 2011, ACF Investors (formerly the Angel CoFund) is a privately managed and commercially focused institution that works alongside groups of business angels to invest in high potential SMEs across the UK, directly providing funding as well as encouraging the expansion and development of the business angel market.
To date the ACF Investors has supported close to 100 companies (for example Ebury, Gousto, Creo Medical and Form3) providing more than £50 million in direct investment alongside more than £300m from business angels and other investors, making it one of the most active early-stage investors in the country. ACF Investors is a long-term investor and, in aggregate, sets aside £1 of further capital for every £1 it invests. This model gives portfolio companies and co-investors the support they need to propel strong growth. To find out more, please visit www.acfinvestors.com
About the Midlands Engine Investment Fund (MEIF)
The Midlands Engine Investment Fund will invest in Debt Finance, Small Business Loans, Proof of Concept and Equity Finance funds, ranging from £25,000 to £2m, specifically to help small and medium sized businesses secure the funding they need for growth and development.
The Midlands Engine Investment Fund is operated by British Business Financial Services Limited, wholly owned by British Business Bank, the UK’s national economic development bank. Established in November 2014, its mission is to make finance markets for smaller businesses work more effectively, enabling those businesses to prosper, grow and build UK economic activity.
The Midlands Engine Investment Fund is supported by the European Regional Development Fund, the European Investment Bank, the Department for Business, Energy and Industrial Strategy and British Business Finance Limited, a British Business Bank group company.
The MEIF covers the following LEP areas: Black Country, Coventry & Warwickshire, Greater Birmingham & Solihull, Stoke-on-Trent and Staffordshire, The Marches, and Worcestershire in the West Midlands; and Derby, Derbyshire, Nottingham & Nottinghamshire (D2N2) Greater Lincolnshire, Leicester and Leicestershire, and South East Midlands in the East Midlands.
The project is receiving up to £78,550,000 of funding from the England European Regional Development Fund as part of the European Structural and Investment Funds Growth Programme 2014-2020. The Ministry for Housing, Communities and Local Government is the Managing Authority for European Regional Development Fund. Established by the European Union, the European Regional Development Fund helps local areas stimulate their economic development by investing in projects which will support innovation, businesses, create jobs and local community regenerations. For more information visit www.gov.uk/european-growth-funding.
The funds in which Midlands Engine Investment Fund invests are open to businesses with material operations, or planning to open material operations, in, the West Midlands and East & South East Midlands.
The British Business Bank has published the Business Finance Guide (in partnership with the ICAEW, and a further 21 business and finance organisations). The guide, which impartially sets out the range finance options available to businesses and provides links to support available at a regional level, is available at www.thebusinessfinanceguide.co.uk/bbb
About the British Business Bank
The British Business Bank is the UK government’s economic development bank. Established in November 2014, its mission is to make finance markets for smaller businesses work more effectively, enabling those businesses to prosper, grow and build UK economic activity. Its remit is to design, deliver and efficiently manage UK-wide smaller business access to finance programmes for the UK government.
The British Business Bank programmes were supporting more than £8bn of finance to over 98,000 smaller businesses at end of March 2020. Since March 2020, the British Business Bank has launched four new Coronavirus business loan schemes, delivering tens of billions of pounds of finance to over a million businesses.
As well as increasing both supply and diversity of finance for UK smaller businesses through its programmes, the Bank works to raise awareness of the finance options available to smaller businesses:
● The Business Finance Guide (published in partnership with the ICAEW and a further 21 business and finance organisations) impartially sets out the range of finance options available to businesses at all stages – from start-ups to SMEs and growing mid-sized companies. Businesses can take the interactive journey at www.thebusinessfinanceguide.co.uk/bbb.
- The new British Business Bank Finance Hub provides independent and impartial information to high-growth businesses about their finance options, featuring short films, expert guides, checklists and articles from finance providers to help make their application a success. The new site also features case studies and learnings from real businesses to guide businesses through the process of applying for growth finance.
As the holding company of the group operating under the trading name of British Business Bank, British Business Bank plc is wholly owned by HM Government and is not authorised or regulated by the Prudential Regulation Authority (PRA) or the Financial Conduct Authority (FCA). The British Business Bank operates under its own brand name through a number of subsidiaries, none of which are authorised and regulated by the FCA.
British Business Bank plc and its principal operating subsidiaries are not banking institutions and do not operate as such. A complete legal structure chart for British Business Bank plc and its subsidiaries can be found on the British Business Bank plc website.