Adapttech secures new investment to grow sales and develop new technologies.
Founding investor Bionova Capital was joined by UK investors Mercia Asset Management, Angel CoFund, Wealth Club and Wren Capital.
Lisbon, Portugal – 24 March 2021 – Bionova Capital, a leading venture capital firm investing in and building disruptive life science companies across Europe, announced today that its portfolio company Adapttech has raised a new £2.0 million venture capital funding round. This follows a period of investment and close involvement by Bionova Capital, the first investor in Adapttech. The round was supported by existing investors including Bionova Capital and Mercia Asset Management, as well as new investors, including Angel CoFund, Wealth Club and Wren Capital.
The new funding will be used for new product developments and to grow global sales of Adapttech’s INSIGHT system, a certified medical device designed to improve prosthetic socket fitting for lower-limb amputees. The INSIGHT system combines a 3D scanner, sensors, wearable technology, and a mobile app to make it faster and easier to correctly fit lower-limb prostheses to amputees, and to monitor their rehabilitation process. The INSIGHT system is now globally available, following successful outcome studies at prosthetic clinics in the USA, where the effectiveness of the INSIGHT system was successfully validated.
“We are delighted to have secured significant investment from both existing and new investors as we seek to drive sales of INSIGHT”, said Frederico Carpinteiro, CEO, Adapttech. “The funding will also support our plans to develop and release new products, hire key personnel, and prepare our production processes for scale”.
In 2016, Bionova Capital provided the initial seed capital to Adapttech. “Since the company establishment in 2016, Bionova Capital was the only investor in the company until 2018. We were the first to recognize the potential of Adapttech’s breakthrough technology to improve the fitting of prosthetic devices. We have worked since the first day with Adapttech’s team to help bring their technology to market, including co-writing their patents and improving engineering design”, said Peter Villax, Chairman, Bionova Capital.
“Adapttech is a perfect example of our hands-on approach in building disruptive health companies across Europe”, said Ricardo Perdigão Henriques, CEO, Bionova Capital. “Initially from Portugal, this company has now expanded into the UK and USA. Throughout these several growth stages, we have been providing capital and support to the company, ultimately allowing it to bring to market a novel medical product with unique benefits to millions of amputees around the world”.
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. In 2018, Adapttech closed a €2.0 million investment round with Bionova Capital and Mercia Asset Management, an investor listed on the London Stock Exchange with £1bn under management.
Frederico Carpinteiro - CEO
About Bionova Capital
Bionova Capital is a healthcare-focused venture capital firm, investing in early-stage life science companies. Founded in 2015, Bionova Capital actively manages a portfolio of six companies, three in Portugal, two in the UK, and one in Spain. Bionova Capital invests in groundbreaking therapeutics, medtech and digital health startups across Europe.
Ricardo Perdigão Henriques - CEO
Download photos and product sheets at https://www.adapttech.eu/press