Adapttech, a Birmingham, UK-based smart prosthetics company, raised a further £2.25m in funding.
MEIF Proof of Concept & Early Stage Fund, which is managed by Mercia and part of the Midlands Engine Investment Fund, Mercia’s EIS funds, Wealth Club clients and angel investors, participated in the funding.
The company, which has raised £7.3m in total funding, intends to use the funds to bolster the team with the creation of five new jobs, including the appointment of a new CTO, further develop its pipeline of products and expand into the global prosthetics market.
Founded by CEO Frederico Carpinteiro, Adapttech is a biomedical company which has developed a smart device for fitting lower limb prosthetics to improve the lives of those with lower limb loss. Its initial product, the INSIGHT system, makes it easier for clinicians to fit lower limb prosthetics and monitor patient rehabilitation, offering cost savings and enhanced comfort. The company was first backed by Mercia and the MEIF in 2017.
The round follows its success in gaining FDA’s proof of concept approval for its system in the US, and making initial sales to clinicians in America and Europe.
The company is also based in Porto, Portugal, and Greenville, NC.