Growthdeck Completes £550k Fundraise for Open Bionics
by Growthdeck Team
12 September 2022News portfolio
Note: The contents of this article are the author's opinion and have not been approved as a financial promotion.
UK PE Deals by High Net Worth Individuals Reached £2.64bn in 2022
I-Phyc Completes Round of Fundraising with Growthdeck
UK’s CGT Bill Breaks £15bn for the First Time
Growthdeck Supports UK’s Medical Cannabis Leader With New Capital
We are delighted to have completed our EIS-qualifying equity fundraise for Open Bionics, a market-leading prosthetic limb manufacturer which is making a real difference to people’s lives.
This cutting-edge business, which is headquartered in Bristol, was co-founded by Joel Gibbard MBE and Samantha Payne MBE who have been recognised for their work democratising prosthetic technology for amputees all around the world.
Their entrepreneurial backgrounds in robotics have led to the development of the ‘Hero Arm’ — the world’s first clinically-approved 3D-printed bionic arm for amputees and those with limb differences, which is covered by health insurance in the USA and beyond.
There are c.440,000 eligible amputees within the USA and Europe, with c.20,000 new amputees and eligible births every year. Many of these individuals either abandon, or choose not to use, traditional prosthetic arms due to factors such as weight, level of comfort, aesthetic appeal and cost.
The Hero Arm is an affordable, lightweight and versatile prosthetic solution, which is engineered and tailored to every individual. It can be created in just eleven days, compared to the three or four months it typically takes for traditional prosthetics. It provides precise multi-grip functionality, and also uses licensed cover designs from leading movie, TV and video game franchises.
The team behind this innovative product is continuing to grow, with a new key hire recently coming on board. John Spillar has joined as Chief Commercial Officer and brings a wealth of specialist experience with him. He held a number of senior roles at Ottobock, the largest prosthetics manufacturer in the world, contributing to its global expansion.
Open Bionics will now use the funding from our network to hire more key staff and fast-track the continued growth of the ‘Hero Arm’ and subsequent products.
Our CEO, Ian Zant-Boer, says:
“The Open Bionics team are changing the game in prosthetics. The Hero Arm is such an exciting product and its potential for growth is tremendous.”
“It’s great to back a business that makes a genuine quality-of-life improvement for people with limb differences. We are really happy to be working with Joel and Samantha, and their wider team, as they make bionic prosthetics more accessible across the world.”
Previous Back to index Next