Jan 11, 2019 | By Thomas
Open Bionics, a UK-based developer of low-cost 3D printed prosthetic hands, has raised £4.66m from investors including Formula 1 team Williams. Open Bionics has secured £1.5m from Nottingham-headquartered Foresight Group along with similar amounts from Downing LLP and Ananda Impact Ventures.
Founded in 2014 by chief executive Joel Gibbard and chief operating officer Samantha Payne, Open Bionics has made a name for itself with the development of sophisticated bionic arms. The company previously raised money from the venture capital arm of Disney and its first commercial product, Hero Arm, has commercial licences with Disney, Marvel and Pixar. With approval from the FDA and CE Marking, Open Bionics has opened registration for its 3D printed Hero Arm to people across the UK with below elbow upper-limb differences. The fully customized 3D printed prosthetics can be made to fit people as young as eight, allowing them to customise their limb to appear like characters from superhero films.
The Foresight Group investment was made via its Foresight Williams Technology EIS Fund.
Joel Gibbard, CEO, Open Bionics, says: “We're thrilled to receive this investment from the Foresight Williams Technology EIS fund. We're excited to have support from Williams on scaling our manufacturing process as we begin serving the United States and other overseas markets.”
Andrew Bloxam, Senior Investment Manager at Foresight, says: “The Fund’s strategy is to support innovative UK businesses with disruptive technologies. Open Bionics is a great example of engineering innovation and disruptive technology that has potential to grow the market significantly. We look forward to working with the management team as they grow their business and helping with the commercialisation of this life changing technology.”
Posted in 3D Printing Application
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