Abilitech Medical, the medical device company that won the Minnesota Cup in October, has closed on $7.4 million in funding to support the commercialization of its flagship product.
Abilitech is creating a device called Assist that helps restore mobility to people with upper-limb and neuromuscular conditions. The wearable device fits to the arm and requires a small percentage of power for the patient to enable a functional range of motion. The company says its device is lightweight, easy to use and comfortable.
“In the U.S., there are hundreds of thousands of people who can’t perform simple tasks, such as feeding themselves or brushing their teeth because of arm limitations,” Angie Conley, Abilitech CEO, said in a release. “It’s a massive financial opportunity with the ability to have a physical, social and economic impact that will change many lives.”
Minneapolis-based Abilitech has been on a winning streak in 2019. The company won the Minnesota Cup’s grand prize about two months ago, securing $50,000. It also landed $25,000 as the competition’s top women-led startup. And prior to the Cup’s finale, Abilitech received $30,000 for winning its Life Sciences/Health IT division. As a result, the startup walked away from the competition with winnings of more than $100,000.
Just three weeks after winning MN Cup, Abilitech also took home the Minnesota High Tech Association’s TEKNE award for medical technology.
Part of the Abilitech’s round comes from Sofia Fund, a Minnesota angel investment firm that backs women-led companies.
“We are particularly excited to support Abilitech, given it is the winningest startup in Minnesota right now,” Sofia Fund CEO and Partner Cathy Connett said in a statement. “We’ve watched Abilitech for three years and witnessed its team cross a threshold in product development and efficacy that will make the Assist device a reality in the next year.”
Connett added that she believes the device could have an economic impact. By giving people with neuromuscular conditions more independence, the could stay in their homes longer, reducing the overall costs of care and the reliance on personal care attendants, which are in a significant shortage.
“The timing of the launch is relevant in today’s economic environment,” Connett said.
Abilitech said that it plans to use its new round of funding to support the commercialization of its device, and expects to gain FDA approval within the next year.
