A Welsh start-up company that develops virtual reality technology for healthcare has secured a major investment.
A group of Wales-based angel investors and the Development Bank of Wales has closed an equity deal with Rescape Innovation worth £480,000, which will help the company invest in new technology, export, and develop new products to support patient recovery and rehabilitation.
The deal has brought together 10 high-profile investors from a range of sectors who all believe in the benefits of virtual reality and its capability to support patients and the healthcare system.
The deal was led by South Wales-based investor Andrew Diplock, with support from Angels Invest Wales, part of the Development Bank of Wales, Geldards, and Capital Law.
Diplock and the syndicate of investors also secured match funding from the £8m Wales Angel Co-investment Fund.
There are so many factors in establishing a quality tech product, but thanks to the support we’ve received, we’re not only leading VR innovation in Wales, but across the UK and the world
Diplock said: “The future is exciting for Rescape and, with the new funding, the business will be able to make the right investment at the right time with innovative technology in the developing healthcare sector.”
It was through the Accelerated Growth Programme (AGP) funded by Welsh Government and the European Regional Development Fund that the business was given the early support it needed to establish its product in Wales.
Based in Cardiff, the firm works to develop virtual reality products that help patients deal with pain, rehabilitation, stress, and anxiety by distracting the brain.
This distraction therapy technology allows the patient to be immersed in a different reality, helping the brain to reduce pain and ease the feelings of anxiety.
Recent studies demonstrate that the cost of adolescent pain is nearly £4billion a year, with up to 28 million people in Britain living with chronic pain according to recent estimations.
This investment opens up an exciting new chapter for Rescape and puts us in the best position to expand our product offering to offer patients support through proven techniques like distraction therapy
Up until now, cases are usually treated with a prescription of pain killers; putting strain on NHS budgets as well as on patients who rely on them.
Rescape aims to address not only the prescription and patient experience, but also the longer-term health economic benefits of immersive technology.
The product has already been used in 31 healthcare institutions across the UK, with a further 30 orders placed.
Matt Wordley, chief executive of Rescape Innovation, said: “This investment opens up an exciting new chapter for Rescape and puts us in the best position to expand our product offering to offer patients support through proven techniques like distraction therapy.
”There are so many factors in establishing a quality tech product, but thanks to the support we’ve received from Andrew Diplock, the other angel investors, and Development Bank of Wales, we’re not only leading VR innovation in Wales, but across the UK and the world.”
