July 19 (SeeNews) - Fortech Investments, a division of Romanian software development group Fortech, said on Tuesday that it is investing $185,000 (180,300 euro) in medical mobility start-up UpLyft with the aim of scaling up its medical technology portfolio.
The total size of UpLyft's funding round amounts to $760,000, Fortech Investments said in a press release.
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Starting as a family-founded business in 2016, San Diego, California-based UpLyft has developed technology that allows users to move out of bed into a wheelchair unassisted.
The fresh funds will enable the US-based company to produce several of its units and strengthen its sales and marketing capabilities addressing individual and healthcare institution clients.
UpLyft expects its self-transfer system for patients with limited mobility to be commercialised in Europe in 2023. To date, the company has received pre-orders of 200,000 dollars, with as many as 15 US and international patents.
Fortech sees the deal as a path to boosting synergies in home care services through its investments in UpLyft and in Romanian telemedicine start-up Telios, which it backed in funding round of 700,000 euro ($718,395) in total in 2021.
"We chose to invest in UpLyft primarily because we were impressed by their product and the degree of innovation they managed to bring into this field. It is a product that has a visible impact on the quality of life of people and on the improvement of conditions in medical institutions," Valentin Filip, managing director at Fortech Investments, said.
The Romanian growth capital firm focuses on specialist companies in fields such as manufacturing and medical technology (medtech).
($ = 0. 97458 euro)