Adapttech, a Birmingham-based biomedical startup, announced that it has secured £2.25M in funding from investors, including Mercia Asset Management, ACF Investors, Wren Capital, and Wealth Club.
Besides funding, the company also announced the launch of the new INSIGHT Range, a family of products that make it faster and easier to fit lower-limb prostheses and improve patient outcomes.
How will the funding be used?
The funds will enable Adapttech to further develop smart, wearable technologies to help people with physical limitations improve their quality of life.
Moreover, the UK company is the first to combine 3D scanning with dynamic pressure data, providing time and cost-efficiency benefits to orthotics and prosthetics (O&P) clinics and their patients.
How did it all start?
Frederico Carpinteiro founded Adapttech after noticing that there were lots of companies and research institutions focused on finding cures or permanent solutions for just as many diseases and conditions, but barely anyone working to help people cope with these problems in the meantime.
Helping people improve their quality of life
Founded by Frederico Carpinteiro and Mario Saenz Espinoza in 2015, 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.
The company has also upgraded its flagship product, the INSIGHT system, with several new options for O&P professionals, including:
- INSIGHT Sense – an affordable, portable, and standalone real-time analysis pressure measurement system;
- INSIGHT Digitizer – a standalone digitizer for prosthetic sockets that creates high-resolution 3D models
- INSIGHT Pro – combines both the INSIGHT Digitizer and INSIGHT Sense.
Frederico Carpinteiro, the CEO, of Adapttech, says “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, says, “Adapttech brought its first product to market during 2021, successfully securing several 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 says, “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.”
Notably, the company has recently signed licensing deals with Modus Health for its StepWatch step-count software, the University of Washington for the Prosthetic Limb Users Survey of Mobility (PLUS-M) self-reporting tool, and Advanced Rehabilitation Therapy for the Amputee Mobility Predictors (AMPPro / AMPnoPro).
Adapttech says that these industry measurement tools will be incorporated into future product designs and patient outcome models.
The company is supported by investors including the MEIF Proof of Concept & Early Stage Fund, Midlands Engine Investment Fund, Bionova Capital, ACF Investors, Wealth Club, and Wren Capital.