Growthdeck: Open Bionics

Open Bionics   |  Biotech
Target £750,000
Type Equity
Status Open

The Opportunity

Open Bionics Limited (“the Company” or “Open Bionics”) is a market-leading prosthetic limb manufacturer, focussed on providing cutting-edge technology, to empower both adults and children to have confidence in their everyday mobility. Co-investing with its existing specialist-backers (Foresight Williams, Ananda Impact Ventures and Downing VC), Open Bionics is seeking EIS-qualifying funds of £750,000 from Growthdeck Investors to support the international market expansion of its ‘Hero Arm’, as well as the further development of new products.

The business was co-founded by Joel Gibbard MBE and Samantha Payne MBE, whose entrepreneurial backgrounds in robotics have led to the development of the ‘Hero Arm’, an advanced prosthetic arm. Both of their MBEs were awarded to them in 2020 for their work democratising prosthetic technology for amputees all around the world. Using 3D scans and innovative software, the ‘Hero Arm’ is engineered and tailored to every individual, providing precise multi-grip functionality. To date, Open Bionics has supplied 428 prosthetic arms and is on track to deliver revenue of c.£1.6m in 2022.

The Board have approved a raise up to a maximum of £6m, however this target does not have to be reached in order for the Company to achieve it’s revenue targets and projections. In June 2022, existing shareholders have already invested c.£1.5m of the £6m fundraise, which is being supported by a further £1m investment from Science Creates Ventures. The funds raised will provide the Company with the means to hire key sales staff and fast-track the growth of the ‘Hero Arm’ and subsequent products.

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Investment details

Fundraise target£750,000

Fundraise maximum-

Minimum investment£6,500

Equity stake3.4%

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Company details

Name:Open Bionics Limited

Address: Programme
Tower Lane

Company no: 09001817

Incorporated: 17/04/14

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Please note

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