San Diego, CA – August 14th, 2023
LIMBER Prosthetics & Orthotics Inc. (LIMBER) proudly announces a major milestone in its journey to revolutionize prosthetic technology with the successful acquisition of $550,000 in new seed funding. The investments include $200,000 from TCA Orange County (TCA OC), $250,000 from NuFund, and $100,000 from individual investors. This influx in capital will accelerate the development and commercialization of the world's first fully 3D printed lower-limb prosthesis. Angela Steinway, VP Corporate Development at Dexcom and the NuFund due diligence lead covering the LIMBER deal, shared her thoughts on their investment:
“We are excited to participate in making lightweight, comfortable prosthetics more accessible to patients to a historically underserved population. Our NuFund diligence team was impressed with the quick and momentous progress LIMBER's small team has made and the significant unmet need in the market.”
"Backed by a formidable team of visionary founders and designers, and fortified by pioneering intellectual property, Limber Prosthetics' innovative technology enhances patient quality of life by reducing the design cycle from first consultation to the ultimate prosthetic experience while maintaining high quality. The company has an innovative approach on leveraging 3D scanning, digital design, and 3D printing to create the world's first prosthetic limb that is printed in one piece," said Dr. Ali Abaye, who co-led this deal along with David Friedman from TCA OC.
Jonah Villamil, a San Diego local that took the 3D printed prosthetic leg surfing says:
Iit’s really awesome that I get to have a 3D printed leg, and I’m able to now go swimming without taking it off.”
Co-founder and CEO Joshua Pelz emphasizes, “LIMBER is committed to advancing patient outcomes and helping prosthetists leverage industrial additive manufacturing and digital design in their practice.” The technology was developed at UC San Diego, and received a groundbreaking investment of $250,000 from the Institute for the Global Entrepreneur (IGE) within UC San Diego's Jacobs School of Engineering and Rady School of Management. LIMBER's dedication to innovation and societal impact has led to significant recognition, including taking first place and People’s Choice awards at the San Diego Angel Conference, hosted by the Freedom Enterprise Institute at the University of San Diego (USD), for a total investment of $400,000.
These investments are instrumental in supporting essential initiatives, including conducting clinical trials, quality management system development, FDA registration, and driving LIMBER's strategic go-to-market plans. LIMBER is poised to launch its prosthetic technology commercially in the United States in early 2024.
This latest round of investments marks another significant achievement for LIMBER, further strengthening its position as a pioneer in the field of prosthetics. The commitment and support from prestigious investment funds such as TCA OC and NuFund are a testament to the transformative impact LIMBER's innovations will have on prosthetic care worldwide.
Check out the TCA Crossroads Podcast about the Company’s path to Funding Disruption in the Medical Device Industry.