The funding will be used to accelerate its prosthetics development and investors in this funding round included SIS Ventures, Scottish Enterprise, Worth Capital, Oxford Technology, the University of Strathclyde, and Gabriel Investment Syndicate.
Based in Edinburgh, Metacarpal has used advanced engineering techniques to create a highly functional prosthetic hand that is completely controlled and powered by body motion, without the need for electronics.
The bionic hand combines the practicality of body-powered control with the functionality of a myoelectric prosthetics - including five-finger motion, variable grips and wrist positions.
The majority of development in prosthetics has tended to focus on robotic hands, leaving a large gap in the market for body-powered devices. By providing a better alternative, Metacarpal aims to enhance the acceptance rate of prosthetics, ultimately improving long-term health outcomes for individuals with limb differences.
According to NHS estimates some 26-45% of upper-limb amputees choose to wear no prosthetic at all rather than using any currently available products. The global market for upper limb prosthetics is forecasted to reach $1.2bn by 2028.
The business was founded by University of Strathclyde product design engineering graduate Fergal Mackie in 2020 and was inspired by an accident he had in the final year of his studies. After falling over and breaking both of his wrists, Fergal had to discover new ways to complete his daily tasks, sparking an interest in prosthetics.
The funding boost will enable Metacarpal to finalise the product, begin manufacturing units and double its headcount to eight.
Commenting Fergal Mackie, CEO and founder of Metacarpal, said, “Metacarpal was established to create a better quality of life for amputees. With the use of truly revolutionary, unique and disruptive technology, our body-powered bionic hand is raising the standard of upper-limb prosthetics. It is the only device to utilise reactive body-power technology giving fingers individual motion.
“The success of the seed funding round is a huge milestone for the business, which will enable us to develop our bionic into a commercially viable product with the potential to change the lives of prosthetics users. I cannot wait to see the impact that it has.”
