London based healthtech startup, GripAble that delivers rehabilitation programmes to people with neurological and musculoskeletal conditions has just secured $11 million in Series A funding.
The investment round was led by IP Group that invested in Bramble Energy alongside equal investment from Parkwalk Advisors. The proceeds of the financing round will enable GripAble to expand its data platform and therapy services, with a particular focus on growing markets in Europe and the US.
With this round, the total funding raised by the startup accounts for $17.5 million. This includes a $4 million raised in private investment and $2.5 million in government grants. In addition to this, the company has also been awarded a $1 million grant to develop paediatric capabilities.
The fundraise follows a period of significant activity of GripAble in the US, including its recent partnership with leading medical equipment distributor, Medline. Also, GripAble is a part of a pioneering group of health tech companies led by the ABHI, with recent trade missions to the US accelerating the company’s traction with both national payers and providers.
Dr Paul Rinne, GripAble co-founder and CEO, explained: “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 industry-leading 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, said: “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.”
Mobile platform: From hospital to home
An Imperial College spin-out, GripAble was founded in 2016 by co-founders Dr. Paul Rinne and Dr. Mike Mace. The technology has created a mobile instrument with in-built gamification to increase user engagement. The mission of the company is to make outcome-driven care scalable and accessible to all, delivering high volumes of efficient and personalised therapy from hospital to home.
With its digitally led care pathway, combining bespoke handheld sensors, engaging, gamified app software, and hybrid teletherapy services, GripAble will allow more patients to access gold standard physical and cognitive rehab for longer, driving improved outcomes while reducing costs.
Currently, over 8,000 individuals have used the platform, thereby becoming a leading technology in the remote-rehab space in the UK. Its has recorded nearly 100,000 activity sessions and 27 million movement repetitions across its users. Also, GripAble has attracted and signed partnerships with both multinational pharmaceutical companies and distributors.
GripAble has developed GripAble Pro, a two-in-one upper limb assessment and training device for use by professionals, from hospital to home. The device is highly sensitive and can be used by most people, even those with limited grip or movement.
“Patients with physical and cognitive impairments require guided therapy to improve their quality of life. Simply put, the more rehab they do and the more they adhere to professional guidance, the greater their chances of having better outcomes, with a wealth of evidence backing this up,” Dr Paul Rinne, GripAble co-founder and CEO, explained.
