MedTech 50 star GripAble raises £ 8.5 million for global growth

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GripAble, a London-based digital health start-up offering rehabilitation programs to people with neurological and musculoskeletal conditions, closed £ 8.5 million in Series A funding.

The new financing, led by IP Group, with the same investment from Parkwalk Advisors, will allow GripAble to expand its industry-leading data and therapeutic services platform, with a particular focus on growing markets in Europe and the United States.

The successful fundraising follows a period of significant activity by the company in the United States, including its recent partnership with Medline, the leading distributor of medical equipment.

Handle, fourth on our Medical technology 50 ranked last year, it is also part of a pioneering group of ABHI-led healthcare technology companies, with recent trade missions to the United States accelerating the company’s traction with both domestic taxpayers and suppliers.

GripAble: digitizing rehabilitation from hospital to home

GripAble’s mission is to make results-oriented care scalable and accessible to all, delivering high volumes of efficient and personalized therapy from hospital to home.

Through its digitally guided care pathway, which combines bespoke handheld sensors, engaging and gamified app software, and hybrid teletherapy services, GripAble will enable more patients to access standard physical and cognitive rehabilitation for longer, improving outcomes and reducing costs.

MedTech 50 – The UK’s Most Innovative Medical Technology Creators for 2021

With over 8,000 people already using the platform, GripAble has established itself as a leading technology in the UK remote rehabilitation space, recording 100,000 activity sessions and 27 million repetitions of movements among its users.

With initial trials highlighting an eight-fold increase in patient education across its platform compared to current standard care and following rapid adoption by suppliers in the UK, GripAble has attracted and signed partnerships with both multinational pharmaceutical companies. than with distributors.

“Patients with physical and cognitive disabilities need guided therapy to improve their quality of life. Simply put, the more rehab they do and the more they adhere to professional guidance, the greater their chances of achieving better results, with a wealth of evidence to support this, “Dr Paul Rinne (pictured above), co-founder and CEO by GripAble, explained.

“However, due to resource costs and poor logistics, current health systems are unable to deliver the amount of therapy needed, with significant backlogs and few patients receiving close to what they need to get better.

“This is a common problem faced by hundreds of millions of patients around the world, with inefficient care pathways that not only cost healthcare systems hundreds of billions of dollars each year, but cost people the chance to live their lives at the maximum of its potential.

“The evidence is clear. The new funding will accelerate GripAble’s journey to provide end-to-end patient care and connect millions of people to their personal home clinic.

GripAble - gamification

“We welcome IP Group and Parkwalk, who have extensive knowledge and experience that will support us in growing our industry-leading platform in the US market and enable us to expand our clinical and commercial evidence base.”

Dr Sam Williams, Life Sciences managing partner at IP Group plc, said: “IP Group has been very successful in the digital therapy market with our investment in Hinge Health and we see similar potential in GripAble.

“We are therefore delighted to join the company’s journey as it develops into a full-fledged commercial organization.”

MedTech 50 star GripAble raises £ 8.5 million for global growth

Source link MedTech 50 star GripAble raises £ 8.5 million for global growth

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