In what the company is describing as an oversubscribed venture round, Seattle medical device maker Cadence Biomedical has raised $1.1 million in new funding led by HealthTech Capital. Other participants include Sand Hill Angels, Tech Coast Angels, ACE Fund, Frontier Angel Fund, WINGS, Alliance of Angels and Keiretsu Forum Northwest.
The money will be used to support sales and manufacturing of the Kickstart Kinetic Orthosis, a new technology that’s designed to help those with weakened muscles or disabilities walk. The system uses no motors or batteries, instead utilizing a system of pulleys and springs to capture energy during the beginning of a step.
Don Ross, Co-Founder and Managing Director of HealthTech Capital, said the technology has the ability to change lives.
“In people with disabilities, Kickstart significantly improves walking mobility and endurance, and Kickstart wearers are excited about their new independence and increased activity levels, Ross said in a press release. “Kickstart is a major technological advance that can benefit millions, and we are pleased to provide financial and advisory support.”
Cadence is led by founder and CEO Brian Glaister who founded the company in 2007 under the name Empowering Engineering Technologies. Glaister — who pitched the concept at a past UW business plan competition — is a former Technology Commercialization Fellow with the University of Washington’s Center for Commercialization. He holds a bachelor’s degree in mechanical engineering from Villanova University and a master’s degree in bioengineering from Arizona State University.
First sales of the device are expected this year. Here’s a short video show the system in action.