British prosthetics manufacturer Open Bionics has announced plans to expand in the US and DACH markets after receiving six-figure funding from NatWest.

The Bristol-based company has secured a £600,000 Intellectual Property (IP) backed loan from the bank to open six more clinics in the US.

Open Bionics manufacturers several prosthetic devices, including one called ‘Hero Arm’, which has moveable fingers and thumbs that enable below-elbow amputees to pinch and grasp objects.

The assistive technology is controlled by ElectroMyoGraphy (EMG) sensors that are activated by muscles in the forearm.

The arms are built using 3D scanning and 3D printing, which enables features like ventilation and adjustment of how tight or loose devices fit.

The business has manufactured robotic arms for children as young as five in the style of their favourite superheroes, with the company making its Hero Arm, waterproof sports arm Hero Flex, and partial hand prosthesis Hero Gauntlet devices available on this NHS to every patient in England, Wales, and Scotland that meets its policy criteria.

“We’re really excited to use this funding to supercharge growth in the USA and make it much easier for our patients to access specialist care within their state by visiting their Open Bionics clinic," said Samantha Payne, Open Bionics co-founder and chief executive (USA).

NatWest is currently the only bank in the UK to accept IP as collateral on loans.

Using valuations provided by the IP valuation firm Inngot, the bank is supporting scale-ups which lack tangible assets by using their intellectual property as collateral.

"It can often be challenging for scale-ups to access growth capital as often they don’t have fixed assets they need to secure lending," said Louis Spencer, relationship director, NatWest. "This financing solution bridges that gap by enabling scale-ups like Open Bionics to use their intangible assets – such as patents, copyright and trademarks – to secure lending.

"It has been estimated that IP intensive industries generate over a quarter of the UK’s output, equivalent to around £300 billion a year, so this type of finance can make a real difference to the UK economy.”

---