Open Bionics, a UK-based company that develops low cost 3D printed bionic hands, has raised a whopping £4.66 million ($5.9 million) through a recent investment round. Investors include Foresight Williams Technology EIS Fund, Downing Ventures, Ananda Impact Ventures and Rathbone Nominees.
The £4.66 million will enable Bristol-based Open Bionics to grow and scale its business, developing increasingly advanced bionic prosthetics and accelerating production and deployment.
The company, founded in 2014, recently brought its first commercial product, the Hero Arm, to market. Integrating multi-grip functionality and myoelectric sensor control, the Hero Arm is a custom-made prosthetic arm designed for people as young as nine years old and is reportedly half the price of competing models.
Andrew Bloxam, Senior Investment Manager at Foresight, commented on the investment, saying: “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.”
Foresight Williams Technology EIS Fund is a collaboration between Nottingham-based Foresight Group, an independent infrastructure and private equity investment firm, and Williams Advanced Engineering, the technology and engineering services arm of the Williams Formula 1 team.
“Williams Advanced Engineering is excited to work with the team at Open Bionics and share our expertise in product development systems,” said Matthew Burke, Head of Technology Ventures at Williams Advanced Engineering. “Alongside the Fund’s investment, Open Bionics will benefit from the engineering and technology experience at Williams and the investment management and growth experience of Foresight’s team of investment professionals. Together this aims to be an ideal combination to deliver for the sector, its customers and the wider UK economy.”
Within Open Bionics’ business model, 3D printing has played an important role in bringing the cost of its prosthetic limbs down and in providing custom fits to its clients. The company has also been granted commercial licenses from Disney, Marvel and Pixar to transform the 3D printed bionic arms into fantastic superhero accessories.
With the significant investment and through its new partnership with Williams Advanced Engineering, Open Bionics is primed for growth into new markets and more development. Personally, I’m excited to see the innovative company continue to do good in 2019 and beyond.
“We’re thrilled to receive this investment from the Foresight Williams Technology EIS fund,” added Joel Gibbard, CEO, Open Bionics. “We’re excited to have support from Williams on scaling our manufacturing process as we begin serving the United States and other overseas markets.”