# Open Bionics

Startup profile on Capital Atlas: https://capitalatlas.ai/startups/open-bionics

- Industry: Medical Devices & Equipment
- Headquarters: Bristol, UK
- Website: www.openbionics.com
- Total disclosed funding: $5.9M
- Latest round: Series A (Jan 7, 2019)
- Investors on record: 7

## About

Open Bionics Ltd develops innovative prosthetic solutions, focusing on improving the quality of life for individuals with upper limb differences through advanced, customizable technology.Open Bionics Ltd, founded in 2014 in Bristol, UK, specializes in crafting advanced prosthetics. The company has had five deals, with the most recent being a Series A funding of GBP 4.66 million, received on January 7, 2019, from investors including Ananda Impact Ventures and Downing Ventures. The company is led by CEO Joel Gibbard, who co-founded it with Samantha Payne.Open Bionics specializes in advanced prosthetic solutions designed to enhance the lives of individuals with upper limb differences. Their flagship products include the Hero Arm and the Hero Flex, both of which are 3D-printed, lightweight, and equipped with wireless EMG (electromyography) electrodes. The Hero Arm is tailored for above-elbow amputees, enabling a wide range of activities from daily tasks to sports, while the Hero Flex offers flexibility in design with customizable fit options for below-elbow amputees. Targeted at children and adults alike, these products provide users with improved comfort, control, and aesthetic appeal, addressing issues such as perspiration and temperature regulation that are common in traditional prosthetics. Open Bionics serves a diverse client base across various geographical markets, including the United States, Canada, and parts of Europe, where they focus on providing specialized care for individuals with congenital limb differences, partial hand amputations, and below-elbow amputations.Open Bionics generates revenue through direct-to-consumer sales and clinical partnerships. Their business model allows for straightforward transactions, where customers can book free introductory clinical appointments to assess their needs before committing to a purchase. The company offers a three-year warranty on their products, which reinforces customer confidence and satisfaction. Transactions often involve the purchase of their signature products, such as the Hero Arm and Hero Flex, which are tailored to individual user specifications. Financial arrangements typically include payment at the point of sale, with the potential for insurance reimbursements based on user eligibility and coverage. Open Bionics also engages with clinics and healthcare providers, enhancing their distribution network and broadening access to their innovative prosthetic solutions.In January 2019, Open Bionics Ltd raised GBP 4.66 million in Series A funding, valuing the company at GBP 15 million post-money. This funding will be utilized to develop new products and expand into new markets, with specific plans to enhance their product offerings and reach more users globally. The company aims to leverage this investment for future product launches and to enhance their presence in regions like Europe and North America, with plans to target additional markets by 2022.

## Funding rounds

- Series A, Jan 7, 2019, $5.9M — Foresight Group, Rathbone Investment Management, Ananda Impact Ventures, Downing
- Seed, Jul 6, 2015 — Techstars, Disney Accelerator, Social Tech Trust

## Investors

- Techstars (https://capitalatlas.ai/funds/techstars) — Seed
- Disney Accelerator — Seed
- Social Tech Trust — Seed
- Foresight Group (https://capitalatlas.ai/funds/foresight-group) — Series A
- Rathbone Investment Management (https://capitalatlas.ai/funds/rathbone-investment-management) — Series A
- Ananda Impact Ventures (https://capitalatlas.ai/funds/ananda-impact-ventures) — Series A
- Downing (https://capitalatlas.ai/funds/downing) — Series A