Orpyx Medical Technologies, a maker of sensory insoles that help manage and prevent diabetic foot ulcer recurrence, closed a $7.6 million Series A investment round.
Paddock Capital, an investment firm, led the investment round, with participation from existing and new investors, including Aphelion Capital, Thin Air Labs, InterGen Capital, Relentless Venture Fund, ICM Asset Management, Anges Québec, Picante Capital, and Viewpoint Group.
As part of the investment, Cory Paddock, co-founder, and Managing Director of Paddock Capital will join the Orpyx board of directors.
“Orpyx’s product offering is well-timed with the increasing demand for telemedicine solutions that help serve people with diabetes,” said Cory Paddock, Managing Director of Paddock Capital. “It is estimated that $176 billion is spent in the U.S. alone on diabetes care, of which $60 billion is directly related to lower limb care. Orpyx is at the forefront of technology that enables preventative care that will not only prevent diabetic foot ulcers from occurring but will also decrease costs for the health system.”
More recently, Orpyx announced its flagship product, Orpyx SI Sensory Insoles, a sensory insole with telemedicine capabilities that provides patients and their healthcare provider real-world feedback to help prevent diabetic foot and other neuropathy-related ulcers.
The sensory insoles are custom made for every individual and designed to capture plantar pressure, temperature, and movement data throughout the day, and its insole technology reduced diabetic foot ulcer recurrence by up to 86%, according to randomized controlled trials by the company.
By monitoring pressure, temperature, and movement, the insole system provides the wearer with real-time audiovisual alerts and immediately takes action to resolve high-pressure areas that may lead to tissue breakdown according to the company. Through a connected app, healthcare providers can proactively monitor real-world data and make treatment decisions to help keep their patients’ feet healthy.
The company, founded in 2010, has raised over $18.5 million to date, including a $5 million funding round in 2018. The latest funds will help the company commercialize its products in its North America and accelerate technology development efforts.
Image credit: Orpyx Medical Technologies