London digital healthcare startup to expand into the US following £8m funding round

GripAble, a London based digital healthcare startup delivering rehabilitation programmes to people with neurological and musculoskeletal conditions, has announced the successful close of an $11m (approx. £8.4m) Series A funding round.

The new funding, led by IP Group, with equal investment from Parkwalk Advisors, will enable GripAble to expand its “industry-leading” data platform and therapy services, with a particular focus on growing markets in Europe and the US.

The successful fund-raise follows a period of significant activity in the US by the company, including its recent partnership with leading medical equipment distributor, Medline. GripAble is also part of a group of health tech companies led by the ABHI, with recent trade missions to the US accelerating the company’s traction with both national payers and providers.

Through its digitally led care pathway, combining bespoke hand-held sensors, “gamified” app software, and hybrid tele-therapy services, GripAble aims to allow more patients to access gold standard physical and cognitive rehab for longer, driving improved outcomes whilst reducing costs.

With more than 8,000 individuals having already used the platform, GripAble has established itself as a leading technology in the remote-rehab space in the UK, recording 100,000 activity sessions and 27 million movement repetitions across its users.

With initial evidence highlighting an eight-fold increase in patient training through its platform compared to current standard care, and following rapid provider adoption in the UK, GripAble has attracted and signed partnerships with both multinational pharmaceutical companies and distributors.

Dr Paul Rinne, GripAble co-founder and CEO, explained: “Patients with physical and cognitive impairments require guided therapy to improve their quality of life. Simply put, the more rehab they do and the more they adhere to professional guidance, the greater their chances of having better outcomes, with a wealth of evidence backing this up.

“The evidence is clear. The new funding will accelerate GripAble’s journey to delivering end-to-end patient care and connecting millions to their own personal home-based clinic.”

Dr Sam Williams, managing partner of Life Sciences at IP Group plc, added: “IP Group has had great success in the digital therapy market with our investment in Hinge Health and we see similar potential in GripAble. We’re therefore delighted to be joining the company’s journey as it develops into a fully-fledged commercial organisation.”