Scotland’s state-funded development bank has unveiled details of its latest investment deal as it continues to move forward from a challenging start to the year.
The Scottish National Investment Bank (SNIB) has led the most recent funding round for Bioliberty, a University of Edinburgh spin-out that supports the physical rehabilitation of people recovering from mobility-limiting conditions or injuries.
The deal comes shortly after SNIB took the total amount it has invested in Scottish businesses and projects to more than £1 billion since opening its doors in late 2020, following a £10m investment in Inverness-based Aurora Energy Services last month.
Bioliberty has developed a platform that combines artificial intelligence with soft-robotic wearable devices to help therapists deliver higher-intensity therapy while capturing clear, objective data on patient recovery. It is understood that this approach makes therapy more efficient, helps accelerate progress, and gives clinical teams the visibility to make more informed decisions and coordinate care.
SNIB has invested £3 million as part of a £6.2m Series A investment round that has also drawn backing from existing investors Archangels, Eos Advisory, Old College Capital, and Hanna Capital SEZC. New investor Conduit Connect also participated in the round, which comes after Bioliberty raised £1.5m from its existing investor group last year.
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SNIB’s support for Bioliberty and Aurora Energy Services came after the bank signalled that it is likely to make losses on two of its major investments earlier this year. The bank anticipates making a loss on its investment in Trojan Energy after the Aberdeen-based electric vehicle charging point company fell into administration and was immediately sold in a pre-pack deal to Urban EV Infrastructure. Trojan had drawn down £26m of the £28m SNIB had committed to invest in the company.
SNIB has also been left with a financial exposure of £29.3m following the collapse into administration of Orbex, the Scottish rocket manufacturer and launch services provide.
Bioliberty, which is based at The National Robotarium in Edinburgh and manufactures in Fife, will use the latest investment in the company to support continued product development and manufacturing in Scotland. It will also pave the way for further commercial expansion in the US, where the company’s technology is already used in several leading rehabilitation facilities.
Rowan Armstrong, co-founder and chief executive of Bioliberty, said: “This investment allows us to significantly expand our capabilities, from advancing how we measure patient recovery using computer vision and AI-driven assessments, to extending our product into patients’ homes.
“Scotland has provided a strong foundation for Bioliberty, offering access to world-class engineering talent and a highly collaborative research environment. This funding will enable us to grow our team in Scotland, create high-value jobs, and continue building technology here that supports better rehabilitation outcomes.”
Ailsa Young, investment director at SNIB, said: “Bioliberty’s founders are ambitious, talented, and have developed an impressive solution to meet the needs of patients against the backdrop of rising healthcare costs and a strain on delivery.
“Our investment in this IP-rich company aligns to our innovation mission, helping Bioliberty to scale its technology internationally and further strengthen its home-grown excellence in robotics and AI. Critically, their products and solutions deliver tangible benefits to patients.
“We are pleased to help them scale their roll-out and to help solidify Scotland’s healthtech and AI expertise, building on our recognised engineering heritage and research excellence.”
