With three days left on an Indiegogo campaign for its Levitation knee brace, Dartmouth, Nova Scotia’s Spring Loaded Technologies has raised $1.9 million in outside funding, led by Halifax-based Build Ventures, in addition to landing a $1 million contract with the Canadian Department of Defense.
Spring Loaded’s Indiegogo campaign has smashed through its $75,000 U.S. goal, raising an extra $100,000 with just days left to go.
“We wanted to create a powerful spring loaded knee brace that was affordable and could benefit everyone,” said award winning scientist and CEO, Chris Cowper-Smith. “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.”
Constructed from ultra-thin lightweight carbon fiber, the knee brace doesn’t rely on mechanical springs for its power, but on a proprietary technology that Spring Loaded refers to as a “liquid spring” inspired by jet airplane landing gear.
The retail cost for the Levitation knee brace will be $2,500 U.S., but is now available through the Indiegogo campaign for $1,449.
The $1,190 U.S. early-bird price for the Levitation is now sold out.
The Levitation knee brace is based on similar technology to the UpShot model, their military-grade knee brace for which the company secured a $1 million contract with the Canadian Forces.
With soldiers routinely carrying heavy loads through dangerous terrain, the UpShot brace could add an additional 30 to 40 pounds with no additional risk to knee strain.
Cowper-Smith and his partner Bob Garrish, Spring Loaded’s CTO, founded the company in 2013.
Build Ventures, run by Patrick Keefe and Rob Barbara, administers a $65 million fund focused on Canadian technology start-ups, having already invested in social media company Affinio, Newfoundland-based video SaaS screenwriting software Celtx, Introhive, Muse, AirVM, Resson Aerospace and Smart Skin Technologies.
“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. We’re excited to see this company continue to develop its offerings and impact the industry.”
A month ago, Spring Loaded speculated that they would like to double the size of their team and find a path to profitability by the end of 2016.
Spring Loaded’s initial reason for starting the Indiegogo campaign, other than fundraising, was to find an eCommerce channel for selling their knee braces.
The company intends to explore more traditional retail strategies after the campaign is over.
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