ICL medical device developer GripAble has added funding from Triple Point Impact EIS Investment Fund to $198,000 of equity secured from investors including Oxford Technology Management in 2017.
GripAble, a UK-based paralysis rehabilitation device maker spun out of Imperial College London (ICL), has received £525,000 ($669,000) in funding from investment management firm Triple Point’s Impact EIS Investment Fund.
Founded in 2017, GripAble develops connected health devices and objects that help build the patient’s mobility and cognitive function with the help of a mobile app designed to be motivational.
GripAble’s first product is a digital-enabled handgrip device used for repetitive exercises of the finger, hand, wrist and arm by people living with mobility impairments such as arthritis, cerebral palsy or stroke.
Therapists can access data from the handgrip to monitor rehabilitation with greater accuracy than conventional materials such as dynamometers and silicone balls.
GripAble was co-founded by two researchers from ICL’s Department of Bioengineering – Paul Rinne, who specialises in using neuroscience and robotics to assess motor skills, and Michael Mace, who completed a PhD at ICL in biomedical engineering.
The spinout had already received $198,000 of equity in a 2017 funding round backed by investors including venture firm Oxford Technology Management that also included $700,000 in grant money from UK government research board Innovate UK.