Spring Loaded celebrates new milestone for bionic knee brace
News Release
Government of Canada further supports commercialization of assistive knee brace manufactured in Atlantic Canada
June 9, 2017 – Dartmouth, NS – Atlantic Canada Opportunities Agency
A spring assisted knee brace designed and manufactured in Atlantic Canada is helping people with knee ligament issues work harder, play stronger, recover faster, and protect against future injuries.
Spring Loaded Technology Incorporated, an early stage medical device company based in Dartmouth, N.S. is celebrating its Canadian product launch today, and achievement of real time production to accelerate fulfillment of new orders.
The Atlantic Canada Opportunities Agency (ACOA) has recently invested $2,457,262 in Spring Loaded Technology Incorporated through its Atlantic Innovation Fund (AIF). This will build on the company’s ability to bring new products to market. The conditionally repayable contribution will support research and development and establish a human factors testing lab to evaluate new products for ease of use and effectiveness.
The brace’s revolutionary power assist technology that stores energy when knees are bent and returns energy when legs are straightened is an important competitive advantage in the marketplace. The disruptive technology improves the lives of people with knee injuries by adding power, as well as stability for people with mobility impairments.
The Government of Canada has partnered with Spring Loaded since the company’s startup phase, helping make real time production at its Dartmouth manufacturing facility a reality.
The testing facility will enable customization of the brace for specific uses in general performance and clinical markets. The project will create eight new jobs and maintain five other high-skilled positions. Future expansion of manufacturing activities are anticipated. Spring Loaded Technology is contributing $1,323,141 in existing working capital to the project.
The federal funding was announced today by Darren Fisher, Member of Parliament for Dartmouth-Cole Harbour, on behalf of the Honourable Navdeep Bains, Minister of Innovation, Science and Economic Development and Minister responsible for the Atlantic Canada Opportunities Agency (ACOA).
This project demonstrates the Government of Canada’s focused approach to economic development through innovation. Over the next five years, all six regional development agencies, including ACOA, will invest a total of $1.5 billion to strengthen innovation capacity and economic growth in each region of the country. Part of these investments will go towards supporting regional businesses like Spring Loaded Technology that are developing new technologies to boost their innovation capacity and competitiveness.Government of Canada further supports commercialization of assistive knee brace manufactured in Atlantic Canada
Quotes
“The Government of Canada is committed to encouraging innovation that will increase the productivity, growth and competitiveness of organizations. We want to turn ideas into solutions, science into technologies, skills into jobs and startup companies into global successes. That’s what innovation is all about.”
- The Honourable Navdeep Bains, Minister of Innovation, Science and Economic Development and Minister responsible for ACOA
“The team at Spring Loaded Technology is transforming the versatility of assistive devices. They represent a broader life sciences community working on research that brings solutions to the marketplace. Targeted investments such as these are helping us grow beyond our borders in line with our Atlantic Growth Strategy."
- MP Darren Fisher, Member of Parliament for Dartmouth-Cole Harbour
“As an early equity investor in Spring Loaded, we’ve been cheering for this company since its first days of product development. Naturally, we’re extremely excited for – and proud of – Chris and his team on the official launch of their life-changing product. And we look forward to watching the other technologies they’re building also hit the market."
- Stephen Duff, President and CEO, Innovacorp
“Spring Loaded is an exciting portfolio company that has developed and is now commercializing an incredible bionic knee brace. Building on their success thus far, we are pleased to be working with ACOA to help Spring Loaded develop additional product lines that will increase market access and further serve the needs of individuals seeking mobility assistance or enhancement."
- Rob Barbara, General Partner, Build Ventures
“The AIF investment will allow Spring Loaded to develop and introduce new product lines that can directly augment human mobility. We are excited to be partnering with ACOA to build a world-leading orthopaedic company in Canada.”
- Chris Cowper-Smith, President & CEO, Spring Loaded Technology Incorporated
Quick Facts
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In 2015, Spring Loaded Technology Inc. won the Business Development Bank of Canada's Young Entrepreneur Award contest which provided a cash prize of $100,000.
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Spring Loaded Technology Inc. was awarded a $1 million contract with the Canadian Military after successfully qualifying under the Build in Canada Innovation Program (BCIP) enabling early stage companies to be pre-qualified to sell to government departments.
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Spring Loaded Technology Inc. has grown from three employees in 2012 to now having a total of 29 on payroll.
Associated Links
Contacts
Alex Smith
Director, Communications and Outreach
Atlantic Canada Opportunities Agency
Cell: (902) 830-3839
Office: (902) 426-9417
E-mail: alex.smith@canada.ca
Alexandra Perez
Account Executive, Uproar PR on behalf of Spring Loaded Technology Inc.
Cell: (954) 614-3269
Office: (321) 236-0102
E-mail: aperez@uproarpr.com
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