[UPDATED] Wearable Tech Startup RxFunction Raises $7.5m Series A

Updated 4/3: CEO Tom Morizio says the A Round was actually $7.5, $1.5m more than previously reported:

“Our intent was to raise $5m and we oversubscribed at $7.5m”

Updated 3/30/2018: New SEC disclosure indicates another $2m.

Original 1/2/2018: Minneapolis wearable prosthetic startup RxFunction is raising $5.77m of debt & equity with $3.95m closed per SEC disclosure.

RxFunctin is known for their wearable technology product Walkasins that uses sensors to improve balance and safety in patients who experience gait, or due to peripheral neuropathy.

“An estimated 20 million Americans have some form of peripheral neuropathy, according to the Foundation for Peripheral Neuropathy, commonly a consequence of diabetes or chemotherapy and widely present in the elderly population. In these patients, the nerves in their feet are damaged such they may lose sensation, which affects balance and increases their fall risk. In the United States, almost 3 million emergency visits are made annually by the elderly due to injury caused by an unexplained fall. According to the Centers for Disease Control, peripheral neuropathy is a leading cause of falls in this population.

walkasins detect when the wearer begins to lose balance and send a signal to a cuff worn around the lower leg, bypassing the damaged nerves in the feet. The cuff vibrates to help the wearer know which way they are leaning, allowing them to quickly correct their balance. Because they can now more easily sense their feet on the ground, this improves their walking speed as well.”

Formed in 2013 by Dr. Lars Oddson, RxFunction hired new CEO Thomas Morizio a few months prior to this fundraising report.

The venture was a 2013 Minnesota Cup Life Science/Health IT Division finalist and Oddson appears above demonstrating at MinneAnalytics’ Halicon just last year.

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