Funds coming from the business angel syndicate Archangels and the Scottish Venture Fund sees prosthetic technology company Touch Bionics secure £2.5 million in new investment.

Funds coming from the business angel syndicate Archangels and the Scottish Venture Fund sees prosthetic technology company Touch Bionics secure £2.5 million in new investment.

Archangels supplied approximately half of the funding for Touch Bionics with match funding from the Scottish Venture Fund who invest between £500,000 and £2 million in company finance deals.

Livingstone-based Touch Bionics design prosthetic technology and supporting services for people with upper limb deficincies and exisitng investors include TriCAP and Clydesdale Bank.

Touch Bionics CEO Ian Stevens comments, ‘We are pleased to have secured this funding which will help our growth objectives.’

Adding, ‘Our new products will ensure that we continue to provide the best prosthetic solutions to our customers, and this investment provides us with the financial backing to support these objectives.’

The Scottish company is established internationally with it unveiling new products last month at the American Orthotic & Prosthetic Association National Assembly in Las Vegas.

John Waddell, chief executive of Archangels, admits, ‘Touch Bionics presented us with a business plan that showed both innovation and vision – the investment will help develop the next generation of products.’