Foresight Group announces the £1.5 million investment from the Foresight Williams Technology EIS Fund into Open Bionics Limited.
The investment has been made alongside an identical commitment from Downing LLP and Ananda Impact Ventures of £1.5m each and Rathbone Nominees to complete the £4.66m round.
Open Bionics is an award-winning designer, manufacturer and supplier of bionic limbs with ambitions to become a market leader in a range of bespoke prostheses and assistive technologies and a global supplier of prosthetic and orthotic products and services. Based in Bristol, the Company was founded just four years ago by CEO Joel Gibbard and COO Samantha Payne, since when the team has grown to 23.
Andrew Bloxam, Senior Investment Manager at Foresight said, “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 the 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.”
The Company’s first commercial product, its Hero Arm, uses 3D printing and simplified mechanical systems which have opened up attractive new markets for whom bionic functionality was hitherto too expensive. Combining this competitive pricing with commercial licences from Disney, Marvel and Pixar, positions the Hero Arm most favourably with children as young as eight and adolescents, changing their perceived disability into superhero status.
Joel Gibbard, CEO, Open Bionics commented: “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.”
Matthew Burke, Head of Technology Ventures, Williams Advanced Engineering, said “Williams Advanced Engineering is excited to work with the team at Open Bionics and share our expertise in product development systems. 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.”