HALIFAX – They have the technology. Now they have the funding.
Spring Loaded Technology announced today it received a $1.9 million investment from East Coast venture capital firm Build Ventures, and that it has secured a $1 million contract with the Canadian department of National Defence.
The Halifax-based company also says its ongoing Indiegogo campaign for its lightweight knee brace reached its goal of raising $75,000 within 48 hours, and is now over 200 per cent funded.
The company calls its product the “world’s first bionic knee brace.” Unlike other knee braces, Spring Loaded Technology’s products store kinetic energy in a new type of compact spring. The company says this augments the natural power of the quadricep muscles while also increasing endurance and helping to prevent injury.
“We wanted to create a powerful spring loaded knee brace that was affordable and could benefit everyone,” said Chris Cowper-Smith, Spring Loaded Technology’s CEO, in a statement. “Through years of research, we developed a new type of liquid spring that allowed us to keep our brace light, powerful, and compact, but also remain affordable.”
Spring Loaded’s Levitation product is based on technology found in the company’s military grade, bionic knee brace labelled as UpShot. Spring Loaded recently secured a $1 million contract to supply UpShot to the Canadian Forces. The release of Levitation on Indiegogo marks the launch of Spring Loaded’s consumer product line.
“Spring Loaded Technology has the potential to revolutionize the marketplace,” said Rob Barbara of Build Ventures. “The affordable technology they’ve developed will make bionics more accessible.”