International legal practice Osborne Clarke has advised on an investment worth more than £4 million in a Bristol-based designer, manufacturer and supplier of next-generation bionic limbs.
The investment comes from Foresight Williams Technology EIS Fund (a collaboration between the Nottingham-headquartered Foresight Group and Williams Advanced Engineering) and Downing Ventures.
It 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, 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.
The company was founded four years ago by chief executive Joel Gibbard and chief operating officer Samantha Payne. Its first commercial product, the Hero Arm, uses 3D printing and simplified mechanical systems and has commercial licences with Disney, Marvel and Pixar.
The Osborne Clarke team which advised on the transaction was led by corporate partner Simon Jones and supported by associate Isaac Paine.
TLT helped secure the Series A investment round for Open Bionics, and have been supporting them since 2016.
The TLT team was led by partner Jon Gill with assistance from associates Nina Searle and James Webb, solicitor Matthew Howells and legal assistant Rachel Kelly (all corporate). Legal director Mark Braude and trainee solicitor Emily Broderick provided tax advice.
Samantha Payne is the co-founder of Open Bionics and said: “We’re exceptionally excited to receive this support from such high calibre investors who offer not only financial backing but also incredible experience in commercialisation, measuring impact and engineering high performance hardware. This funding enables us to serve multiple international markets and we’re thrilled to be heading to the US later this year.
“TLT has been an absolute pleasure to work with, supporting us on our investment journey and helping to bring our ideas to life. They acted as a sounding board for our early stage ideas and have continued that support by accessing finance for our products and services to be developed.”
Jon Gill, partner at TLT, said: “We regularly act for robotics companies and it’s exciting to be supporting our clients on projects that will no doubt shape the future of the AI and robotics industries. We are continuing to see interest from abroad in the UK tech scene and this gives fast growing businesses an exciting opportunity to expand their business overseas.”