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BionIT Labs Closes €3.5 Million Round and Strengthens its Managerial Structure

BionIT Labs has recently closed a financing round of $4 million (€3.5 million) to further develop. Adam’s Hand was created from a real need: to date, there is not yet on the market a myoelectric prosthesis of the upper limb, that is activated by muscle impulses of the subject wearing it, characterized both by the ease of use and high robustness and that has also a sustainable cost for the end-user.

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Lecce-based startup BionIT Labs, a young company developing hand prostheses, has closed a $4 million (€3.5 million) investment round led by CDP Venture Capital sgr (through Fondo Italia Venture II – Fondo Imprese Sud) and Fondo per la Ricerca e l’Innovazione “RIF”, managed by Equiter and dedicated to research and innovation in the regions of Southern Italy. The startup had previously raised more than $2.3 million (€2 million) in funding since its founding. The just-concluded round will be realized in part through a capital increase and in part through convertible financing.

If you want to find more details about the latest investment round closed by the BionIT Labs and to read the most important financial news of the day, download for free our companion app, Born2Invest.

Adam’s Hand is the first fully adaptive bionic hand

Adam’s Hand was created from a real need: to date, there is not yet on the market a myoelectric prosthesis of the upper limb, that is activated by muscle impulses of the subject wearing it, characterized both by the ease of use and high robustness and that has also a sustainable cost for the end-user. All this is made possible by the European patented technology, which exploits a mechanical intelligence combined with the use of a proprietary AI algorithm. The high technological content, supported by the intellectual property developed by the company, makes Adam’s Hand unique on the national scene. The medical device, already CE marked and registered on the FDA database, is currently in an advanced stage of testing and will arrive on the Italian market at the beginning of 2022 and then expand to other major European countries and the United States, the most important prosthetic market in the world.

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The bionic device uses a single motor to move all fingers, making them automatically adapt to the shape and size of the objects being grasped. The user does not need to select any grip pattern, as is the case with all other bionic prostheses, and this greatly simplifies the use. Machine Learning algorithms integrated into the device also allow to perfectly adapt its operation to the muscle tone of each user.

Even more interestingly, Adam’s Hand costs up to 1/4 less than other bionic devices available on the market.

BionIT Labs: Transforming disabilities into new possibilities

“Turning disabilities into new possibilities.” This is the ambitious goal of the Salento startup composed of a team of about 20 people including mechanical, electronic, biomedical, computer engineers, business and finance experts from all over Italy, who work by providing their expertise to make a tangible contribution to society.

BionIT Labs, on the occasion of the closing of the round, has also strengthened its managerial structure with a new Board of Directors, composed of Matteo Aventaggiato (co-founder) and Giuseppe Giannasio (board member designated on behalf of CDP Venture Capital Sgr), who will support Ceo Giovanni Zappatore in the management of the company.

“Technology applied to the medical field has made great strides and has developed solutions capable of improving people’s daily lives,” explained Francesca Ottier, head of Fondo Italia Venture II. “This operation allows us to invest, through the Rif Fund and, for the first time together with Cdp Venture Capital, in an innovative startup that represents national excellence. The Rif Fund is managed by Equiter, which to date has carried out 13 transactions for over $88 million (€76 million),” explained Carla Patrizia Ferrari, Managing Director of Equiter.

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(Featured image by Tumisu via Pixabay)

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First published in StartupItalia, a third-party contributor translated and adapted the article from the original. In case of discrepancy, the original will prevail.

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Olivia McCall is passionate about education, women and children’s rights, and the environment. A long-time investor, she covers news about the latest stocks (lately marijuana and tech), IPOs and indices, and is always on the lookout for socially responsible startups. She also writes about the food sector, and has a keen interest on cryptocurrencies.