28 January 2020 | News
The oversubscribed seed funding round for loop+ led by YMVSV raised a total of AUD $3 million with additional investments from Giant Leap Fund, Eleanor Venture and other investors based in Australia
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Yamaha Motor Ventures & Laboratory Silicon Valley (“YMVSV”), the strategic business development and investment arm of Yamaha Motor Co., Ltd. has announced it led an AUD $3 million seed funding round for loop+, an early stage health technology enterprise based in Australia developing a pressure and movement tracking device for wheelchair-bound patients. Leveraging the USD $100 million Yamaha Motor Exploratory Fund (the “Fund”), the loop+ investment reflects YMVSV’s growing interest in teams working to develop technological solutions to major healthcare challenges.
“Yamaha Motor is actively supporting innovation in the health tech sector to help bring technology to the market to address challenges and leverage opportunities for better patient care. loop+ is one such company, taking a preventative health approach to help avoid suffering and lower costs associated with prevalent pressure-related conditions for wheelchair users,” said George Kellerman, CEO & Managing Director of YMVSV.
The oversubscribed seed funding round for loop+ led by YMVSV raised a total of AUD $3 million with additional investments from Giant Leap Fund, Eleanor Venture and other investors based in Australia.
“The active monitoring of wheelchair bound patients offers a variety of benefits to the patient, caregivers and, ultimately, the cost of that care,” said Rebecca Woodcock, Principal and Global Health Tech lead for YMVSV who joined the loop+ board of directors December 5, 2019. “We are looking forward to working with the loop+ team to explore the product’s potential and support its global market introduction.”
The loop+ platform features a wheelchair sensor mat that continuously measures pressure, position, environmental conditions like humidity, and general activity throughout the day. This alerts healthcare professionals to potential risks like pressure wounds allowing for early intervention and prevention as well as to promote healthy wheelchair habits and reduce the acceleration of scoliosis and respiratory issues.
“It is tremendously exciting to be working with Yamaha Motor Ventures to scale our enterprise and deliver the loop+ device to wheelchair users,” said Kath Hamilton, co-founder and CEO of loop+.