GripAble secures $11m in Series A funding

From left to right: Dr Paul Rinne and Dr Mike Mace, GripAble

GripAble, a London-based digital healthcare start-up delivering rehabilitation programmes to people with neurological and musculoskeletal conditions, has closed an $11 million Series A round led by IP Group, with equal investment from Parkwalk Advisors.

The fundraise brings the total now raised to $17.5 million with $4 million raised in private investment and $2.5 million in government grants.

It will be used to expand GripAble’a data platform and therapy services, particularly in Europe and the US. It follows the group’s recent partnership with medical equipment distributor, Medline.

GripAble’s digital platform includes hand-held sensors, mobile hardware, software, in-built gamification and data services which enable home-based rehabilitation. To date, more than 8,000 individuals have already used the platform. GripAble has recorded 100,000 activity sessions and 27 million movement repetitions across its users.

Dr Paul Rinne, GripAble co-founder and chief executive said: “The new funding will accelerate GripAble’s journey to delivering end-to-end patient care and connecting millions to their own personal home-based clinic. We welcome IP Group and Parkwalk, who have a wealth of insight and experience that will support us in growing our platform in the US market and enable us to expand our clinical and commercial evidence base.”

Dr Sam Williams, managing partner of Life Sciences at IP Group plc, added: “IP Group has had great success in the digital therapy market with our investment in Hinge Health and we see similar potential in GripAble. We’re therefore delighted to be joining the company’s journey as it develops into a fully-fledged commercial organisation.”

Martin Glen, investment director at Parkwalk Advisors, said: “Parkwalk is excited to be backing this breakthrough digital rehabilitation technology as it grows and enters new markets. In particular, we are hopeful that GripAble can reproduce its strong initial success in the UK in the significantly larger US market. This would enable many more patients to access the sustained level of rehabilitation therapy that they require for a positive outcome post-injury.

“GripAble was an early investment in the Parkwalk-managed Imperial College Innovation Fund and is the second such company to receive further investment from Parkwalk. It is a reflection of the strength of Imperial College’s research in STEM subjects that this breakthrough technology emerged from its labs.”

Date published: April 11, 2022

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