A Bristol prosthetics manufacturer that makes bionic arms for people with limb differences is set to accelerate its expansion overseas after securing £600,000.
Open Bionics was founded by Joel Gibbard and Samantha Payne a decade ago and has developed a ‘Hero Arm’ – a 3D-printed bionic arm with multi-grip functionality that is now available in more than 800 locations in the US, UK, Europe, Australia and New Zealand.
The arm has moveable fingers and thumbs that enable below-elbow amputees to pinch and grasp objects. It makes everyday activities like holding a bag or brushing teeth possible for people with upper limb differences. The assistive technology is controlled by special sensors that are activated by muscles in the forearm and are custom-made for the wearer.
Open Bionics will use the loan from NatWest to open six more clinics in the US. It will also use the finance to accelerate its expansion into Germany, Austria and Switzerland, it said.
Ms Payne said: “We’re really excited to use this funding to supercharge growth in the USA and make it much easier for our patients to access specialist care within their state by visiting their Open Bionics clinic.”
Open Bionics, which won the European Healthcare Innovator Award last month in Germany, has also created a 3D-printed partial hand prosthesis called the ‘Hero Gauntlet’ and a waterproof sports arm called the ‘Hero Flex’.
The company has manufactured robotic arms for children as young as five in the style of their favourite superheroes. The NHS has made the Hero Arm, Hero Flex, and the Hero Gauntlet devices available to every patient across England, Wales, and Scotland that meets their policy criteria.
Open Bionics secured the funding using its intellectual property as collateral. NatWest is currently the only bank in the UK to accept IP as collateral on loans. Using valuations provided by the IP valuation firm Inngot, the lender is enabling scale-ups which lack tangible assets to use their intellectual property to secure finance.
Martin Brassell, chief executive of Inngot, said: “Open Bionics’ Hero Arms may catch the eye because of the ‘superhero’ covers they feature, but it’s the tech underneath them that really transforms lives.”
Louis Spencer, relationship director at NatWest, added: “We’re proud to support Open Bionics with the financing needed to expand its business overseas, enabling more children and adults to benefit from bespoke 3D printed prosthetic arms.”