Prosthetics fitting specialist lands £2.25m funding boost

Adapttech

Biomedical start-up Adapttech has raised £2.25 million from investors including Mercia Asset Management, ACF Investors, Wren Capital and Wealth Club.

The company, based in Birmingham and Porto in Portugal, has also been supported by MEIF Proof of Concept early stage fund, Midlands Engine Investment Fund, and Bionova Capital.

Adapttech also announced the launch of the new Insight Range, a family of products that make it faster and easier to fit lower-limb prostheses.

The company stated it will use the funding to develop smart, wearable technologies to help people with physical limitations. Adapttech said it is the first company to combine 3D scanning with dynamic pressure data, providing time and cost efficiency benefits to orthotics and prosthetics (O&P) clinics and their patients.

Frederico Carpinteiro, chief executive of Adapttech, commented: “With the new Insight range, we’re responding to requests for a scanner-less system, reduced hardware costs, and improved data collection. This new funding comes at a time when we are developing exciting new technologies to benefit our O&P clinic customers and their patients. We look forward to continuing our trajectory in growing our revenues, product portfolio, and international business operations.”

Stephen Windsor, investment director at Mercia, added: “Adapttech brought its first product to market during 2021, successfully securing a number of sales. We are delighted to be supporting the team with a follow-on investment to continue to scale the business and build out the product portfolio.”

Paul Fauset, partner at ACF Investors commented: “The unique IP at the heart of Adapttech’s products means there is a great opportunity for the company to become a leader in the orthotics and prosthetics industry, with smart technologies that are improving the quality of life for users. This latest round of funding builds on the team’s success and we look forward to seeing the business grow as it accelerates product development.”

Date published: April 6, 2022

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