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Downing Ventures supports £4.6 million investment in Open Bionics, creator of the ‘hero arm’
Venture capital fund Downing Ventures has participated in a £4.6 million Series A funding round for developer of next-generation bionic limbs, Open Bionics. This follows on from an initial seed investment.
Open Bionics is an award-winning designer, manufacturer and supplier of bionic limbs, based at the University of the West of England in Bristol. The company uses 3D printing and scanning technology to produce custom-made prosthetics at a lower manufacturing cost than what is traditionally considered an expensive area of prosthetics. Its first commercial product, the Hero Arm, secured commercial licenses from Disney, Marvel and Pixar to design arms for children with themes from Star Wards, Frozen and the Marvel Universe.
Downing-managed funds have invested alongside Foresight Williams Technology EIS Fund, Ananda Impact Ventures and Rathbone Nominees. Osborne Clarke also advised on the deal.
Will Brooks, Investment Director at Downing Ventures, comments: “As early backers of Open Bionics, we are pleased to increase and strengthen our support for a talented team that’s bringing advanced prosthetics to a wider market. We believe in Open Bionics’ vision of democratising access to cutting-edge healthcare technology and look forward to helping the business make this a reality.”