Touch Bionics Investment
Bionics company backed by TRI Cap
TRI Cap members have invested in Touch Bionics, the Scottish company whose products include the world’s first commercially available multi-articulating bionic hand, as part of a funding round led by Archangel Informal Investments.
The funding round enabled Touch Bionics to make the shift from product development to the manufacture and marketing of its groundbreaking products in the US: it has now launched two products, the i-LIMB Hand and ProDigits. The i-LIMB has five independently powered digits that open and close around objects while ProDigits, short for Prosthetic Digits, are the self-contained fingers that are individually powered and controlled to provide new fingers for partial hand patients.
“Our members were delighted to have this opportunity to join in the funding of Touch Bionics,” says Robert Dick, Chairman of TRI Cap. “The company’s progress to market has been keenly anticipated and it is particularly satisfying to play even a small part in enabling this move to take place.”
The genesis of Touch Bionics is a program conducted at the Princess Margaret Rose Hospital in Edinburgh from 1963, starting with comprehensive research into developing prosthetic solutions for children affected by Thalidomide. Through various developments, this work has led to a spin-out from the National Health system, with substantial shareholding held by Scottish Health Innovations Ltd, and became the first SHIL spin-out to receive significant funding. An initial SMART award from the Scottish Government got the company going, and it has since received investment funding from existing and new investors, including Archangel Informal Investments and Scottish Enterprise’s Scottish Co-investment Fund.
Stuart Mead, Chief Executive of Touch Bionics, said, “It has been a long journey for our technology and I’m very glad to say that we have successfully transitioned from a research-and-development company to one that is now shipping and supporting product globally. Our two launch products have been extremely well received by both patients and health professionals. Our success shows that it is possible to successfully transfer IP from the NHS whilst ensuring that its commercial interest is retained.”
SHIL Chairman Peter Shakeshaft said, “We are delighted that this world-leading technology which emanated from NHS Scotland has reached this important milestone of commercial acceptance. Touch Bionics was our first spin-out company and it is pleasing to have been able to support the technology phase and for NHS Scotland and David Gow, the inventor, to benefit from such an important global invention. Such support is the very essence of SHIL’s existence and this early success confirms the rationale behind the decision to create SHIL.”
Archangels CEO John Waddell said, “We are very pleased to provide backing to Touch Bionics. The company has made significant progress in developing its products through engagement with its potential markets, particularly in the U.S.”
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www.touchbionics.com