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Bristol based Open Bionics goes for £1m crowdfunding target

5 January 2023
The Business Magazine article image for: Bristol based Open Bionics goes for £1m crowdfunding target

Bristol-based Open Bionics, which  offers assisitive devices for people who need enhanced independence and mobility, is seeking £1 million investment via Crowdcube.

The company's first product was its iconic Hero Arm, which has now shipped more than 450 units shipped. It now has license agreements with Disney, Lucasfilm and Marvel to make Hero Arms in the style of Iron Man.

Open Bionics offers bionic hands for people with below-elbow upper limb loss, with a product roadmap aiming to serve other upper limb differences over the next 5 years. The company has focused on innovations like 3D scanning, 3D design and 3D printing to fit and manufacture prosthetic limbs. It is our assessment that this manufacturing process produces a product that's lighter in weight and more desirable to the end user.

The prosthetics and orthotics market is worth upwards of $10bn, with the robotics segment growing at a CAGR of 9.2%and NHS England have recently approved multi-grip bionic hands for routine commissioning.

Open Bionics has forged partnerships with major entertainment brands to make prosthetics more exciting for children and adults alike. (Royalty-free) licensing agreements with Disney, Marvel and Lucasfilm have enabled the company to offer prostheses that look like their sci-fi counterparts from major movie and videogame franchises, such as its Iron Man arm.

Funds from this raise will be used to fund operations, management positions and further R&D.

Joel Gibbard, MBE is the CEO & Cofounder of Open Bionics. He founded Open Hand Project in 2013 and Crowdfunded £43k to make a 3D printed robotic hand. Inventor of Open Bionics' original Hero Arm. Joel recognised the potential for 3D printing in the prosthetics industry and lead the technical development of the Hero Arm.

His co-founder is Samantha Payne, MBE. Alumnus of Techstars and MIT Sloan School of Management accelerators. Secured royalty-free licenses from Disney, Marvel, Lucasfilm. Samantha has been responsible for building Open Bionics' user community and develop their reputation for high customer satisfaction.

Nicky Godding is editor of The Business Magazine. Before her journalism career, she worked mainly in public relations moving into writing when she was invited to launch Retail Watch, a publication covering retail and real estate across Europe.

After some years of constant travelling, she tucked away her passport and concentrated on business writing, co-founding a successful regional business magazine. She has interviewed some of the UK’s most successful entrepreneurs who have built multi-million-pound businesses and reported on many science and technology firsts.

She reports on the region’s thriving business economy from start-ups, family businesses and multi-million-pound corporations, to the professionals that support their growth and the institutions that educate the next generation of business leaders.

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