Adapttech secures new investment to grow global sales and expand its product range to improve fitting of lower-limb protheses
Lisbon, Portugal – 06 April 2022 – 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 £2.3 million investment round. This follows a period of investment and close involvement by Bionova Capital, the first investor in Adapttech. The round was supported by existing international investors including Mercia Asset Management, ACF Investors, Wren Capital and Wealth Club.
The new funding will be used by Adapttech to expand its INSIGHT system, a certified medical device designed to improve prosthetic socket fitting for lower-limb amputees, reducing their pain and enhancing their mobility and quality of life. The 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. Today, Adapttech announces the expansion of its INSIGHT system into a full product range, with several new options for O&P professionals, including:
• INSIGHT Sense: an affordable, portable, and real-time analysis pressure measurement system, for small O&P clinics to provide house calls to remote patients.
• INSIGHT Digitizer: a standalone digitizer for prosthetic sockets that creates high-resolution 3D models, for large O&P clinic groups and central fabrication.
• INSIGHT Pro: combines both the INSIGHT Digitizer and INSIGHT Sense, for larger O&P clinic groups and central fabrication, in addition to research facilities and universities.
“We have launched this new product line to meet requests by our customers 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”, said Frederico Carpinteiro, CEO, Adapttech.
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 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. Since the INSIGHT product was launched in the market in 2021, we have been delighted to witness growing demand from customers around the globe”, said Peter Villax, Chairman, Bionova Capital.
“Adapttech is a perfect example of our hands-on approach in building disruptive health companies across Europe. Being initially founded in Portugal, Adapttech has now expanded into the UK and USA”, said Ricardo Perdigão Henriques, CEO, Bionova Capital. “Adapttech’s new product range strengthens its roadmap to become a world leader in orthotics and prosthetics, with smart technologies that greatly improve the life of patients in need”.
About Adapttech
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 is supported by investors including Bionova Capital, Mercia Asset Management, ACF Investors, Wealth Club and Wren Capital.
About Bionova Capital
Bionova Capital is a healthcare-focused venture capital firm that invests in early-stage life science companies across Europe. 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.
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Download photos and product sheets at https://www.adapttech.eu/press
