Verve InfoTec has launched a public offering to raise up to AU$3 million. The raised funds will be used to accelerate the expansion of the company’s cycling power meter business into the health sector, particularly for joint replacement patients.
Its crowd sourced funding raise via OnMarket has now entered its public round. At the time of writing, the crowdfunding campaign was over AU$480,000 – with the campaign closing in a few days.
The company has been focused on the development of the second generation InfoCrank IC2, which is due for release imminently, swiftly followed by the release of a health sector model in a few months.
Verve is taking the InfoCrank technology and deploying it in the health setting as a preventative and restorative measure for total knee replacement (TKR).
Verve CEO, Bryan Taylor, said “We are committed to delivering accuracy, which is achieved with granular recording of force and acceleration coupled with the exact angle of the crank every few milliseconds.
“In the health world, accuracy is even more prized as health companies seek to produce better patient outcomes from operations such as total knee replacements. Many parts of the process are quite controllable, but knowing exactly what rehabilitation the patients are doing adds a stream of quality information to the equation.”
Verve’s entire measurement technology is hidden inside the crank arm and wirelessly communicates to paired apps. This means that the technology can be retro-fitted to many indoor and outdoor platforms. In the case of the health market, it is designed for use in patients’ homes.
