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.
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.
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.
(Featured image by Tumisu via Pixabay)
DISCLAIMER: This article was written by a third party contributor and does not reflect the opinion of Born2Invest, its management, staff or its associates. Please review our disclaimer for more information.
This article may include forward-looking statements. These forward-looking statements generally are identified by the words “believe,” “project,” “estimate,” “become,” “plan,” “will,” and similar expressions. These forward-looking statements involve known and unknown risks as well as uncertainties, including those discussed in the following cautionary statements and elsewhere in this article and on this site. Although the Company may believe that its expectations are based on reasonable assumptions, the actual results that the Company may achieve may differ materially from any forward-looking statements, which reflect the opinions of the management of the Company only as of the date hereof. Additionally, please make sure to read these important disclosures.
First published in StartupItalia, a third-party contributor translated and adapted the article from the original. In case of discrepancy, the original will prevail.
Although we made reasonable efforts to provide accurate translations, some parts may be incorrect. Born2Invest assumes no responsibility for errors, omissions or ambiguities in the translations provided on this website. Any person or entity relying on translated content does so at their own risk. Born2Invest is not responsible for losses caused by such reliance on the accuracy or reliability of translated information. If you wish to report an error or inaccuracy in the translation, we encourage you to contact us.
Vall d’Hebron Invests 50 Million in Projects Against Stroke and Nuclear Medicine
Vall d'Hebron is one of the main public hospitals in Spain. The center received 1.1 million outpatient visits (115,422 more...
Marrakech-Agadir High-Speed Line: ONCF Launches the APS Studies
For ONCF, this line must be designed so that its performance and safety level are globally at least equivalent to...
The TopRanked.io Weekly Digest: What’s Hot in Affiliate Marketing [Week 13]
When in doubt, we at TopRanked prefer optimism. But when it's week 13 and the world's screaming AI FUD, maybe...
Pampa Hemp Introduces First Medical Cannabis Seed Developed and Produced in Argentina
Argentina has been developing its cannabis production chain in recent years, promoting medical and scientific research on the medicinal use...
Paraguayan Chamber of Fintech Supports Controls on Illegal Crypto Mining
By the end of 2022, a special price was defined for the intensive consumption group. In that set, they included...
Featured1 week ago
GreenIT and Copenhagen Infrastructure to Develop Three 2 GW Offshore Wind Farms
Business2 weeks ago
How Cross-Selling Boosts eCommerce Sales
Cannabis4 days ago
Adult-Use Cannabis Could Soon Be Legalized in Colombia
Featured2 weeks ago
Fintech Company Stripe Builds in GPT-4 for User Support