A firm whose technology can cut the risk of construction workers suffering a debilitating condition caused by vibrations has secured £700,000 growth funding with around a fifth of the money coming from staff.
Edinburgh-based Reactec won the vote of confidence after getting a good response to the wearable device it developed to monitor workers for hand and arm vibration syndrome, also known as Vibration White Finger.
The Edinburgh university spin out has sold more than 10,000 of its HAVwear monitors since launching the device in February last year, taking the company’s quarterly sales past the £1 million mark.
Reactec completed the funding round ahead of a push for growth in the UK and overseas. The round was led by the Archangels investment syndicate and supported by the Scottish Investment Bank.
“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,” said Scottish Investment Bank director Kerry Sharpe.
She noted the funding will allow Reactec to recruit four additional sales and engineering team members, taking total headcount at the firm to 27.
Reactec’s chief executive Jacqui McLaughlin said she was thrilled that many of the firm’s employees had chosen to invest their own cash in its future. Ten members of the management team and employees invested £122,000 in total.
Archangels first invested in Reactec in 2006.
Chief investment officer Sarah Hardy said: “ 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.”
HAVwear sounds an alarm if safety thresholds are exceded.
About 300,000 people in the UK suffer from HAVS for which there is no known cure.
Symptoms include damage to the nerves, muscles and joints of the hand, wrist and arm.
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