International legal practice Osborne Clarke has advised Foresight Williams Technology EIS Fund (a collaboration between the Foresight Group and Williams Advanced Engineering) and Downing Ventures on an investment in Open Bionics Ltd (“Open Bionics”) to support the building and development of next-generation bionic limbs.
The investment forms part of a £4.66 million growth round to scale the business and has been made alongside commitments from Ananda Impact Ventures and Rathbone Nominees.
Based at the University of the West of England in Bristol, Open Bionics is an award-winning designer, manufacturer and supplier of bionic limbs with ambitions to become a market leader in a range of bespoke prostheses and assistive technologies and a global supplier of prosthetic and orthotic products and services.
Open Bionics’ first commercial product, the Hero Arm, uses 3D printing and simplified mechanical systems which has opened up attractive new markets for whom bionic functionality was hitherto too expensive. Combining this competitive pricing with commercial licences from Disney, Marvel and Pixar, positions the Hero Arm most favourably with children as young as eight and adolescents, changing their perceived disability into superhero status.
Osborne Clarke’s market-leading, European-wide venture capital practice works closely with start-ups, global market leaders, angel investors and institutional VC/growth capital investors on funding rounds, follow-on rounds, venture debt facilities, IPOs, trade sales and buy and build projects.
The Osborne Clarke team who advised on the transaction was led by Simon Jones and supported by Isaac Paine.