Reactec, the Edinburgh-based producer of monitoring and management support solutions for hand and arm vibration syndrome (HAVS) has completed a further £700,000 round of fundraising for the ongoing development of its innovative HAVwear personal monitoring equipment and reporting technology.
The follow-on funding round was led by business angel investment syndicate, Archangels, with co-funding from Scottish Investment Bank, the investment arm of Scottish Enterprise. Significantly, the funding round included £122,000 of investment from Reactec’s board, management and staff.
HAVwear is a wearable device that monitors the vibration an individual is exposed to when using hand held tools, providing real time personal data highlighting their exposure risk. Reactec’s system, which was launched in 2016, provides reliable data analysis to customers that is clear, concise and tailor-made to support their measures to reduce workforce exposure to HAV.
Reactec plans to use the additional funding to build on the growth achieved since the release of HAVwear which saw it ship 10,000 units in its first year resulting in the company recording its first £1m sales quarter. The funding will support the recruitment of four additional sales and engineering team members, taking Reactec’s headcount to 27 and enabling international expansion and further research and development.
Jacqui McLaughlin, Chief Executive of Reactec, said:
“HAVwear has achieved significant momentum since we launched it last year as the world’s first wearable vibration monitoring device, making monitoring of workers’ exposure to dangerous vibrations that cause HAVS more meaningful than ever before.
“I am thrilled that so many of our own people have chosen to invest their own cash in Reactec’s future, alongside Archangels and Scottish Investment Bank. This will help us to grow the business internationally and undertake further R&D.;”
Sarah Hardy, Chief Investment Officer at Archangels, said:
“At Archangels, we are proud of our track record of follow-on funding for our investee companies. Reactec’s HAVwear product meets a clear customer need in protecting users from the debilitating effects of HAVS and we look forward to seeing this product increasing its impact in this important area.”
Kerry Sharpe, Director of Scottish Investment Bank, said:
“Reactec is a fine example of an ambitious, fast-growing Scottish company, whose focus on innovation has resulted in the development of a market-leading product. It’s great to know that this funding will allow the company to expand its reach, target new geographies and create new employment in Edinburgh and we look forward to working with Reactec to help it to build on the commercial success it has already achieved.”