Lecce, 4 June 2024 - BionIT Labs, a biotech company from Salento that develops polyarticular hand prostheses, has closed a new 5.5 million euro investment round with the participation of the CDP Venture Capital Sgr, RIF, Sefea Impact, Simest SpA (FUVC) and Fondazione Enea Tech Biomedical funds.

With these new resources, subscribed partly as a capital increase and partly by means of a convertible loan, BionIT Labs's capital raising rises to more than 7 million euro from its founding in 2018.

This new funding round aims to expand BionIT Labs’s operations in the United States (which accounts for over 50% of the global prosthetics market), broaden its range of prosthetic products to meet the diverse needs of patients worldwide and grow the company’s current team to support the expansion required to compete globally.

“BionIT Labs has already demonstrated its ability to transform an idea into a product that is perfectly capable of responding and adapting over time to the needs of the prosthetic market” said Giovanni Zappatore, Chief Executive Officer and founder of BionIT Labs. “The renewed support of CDP Venture Capital and RIF, together with the entry of the new investment funds, will allow us to invest in order to position ourselves in the market as one of the major players in this sector worldwide.”

Adam’s Hand

The top project of the Lecce-based company is called Adam's Hand, a fully adaptive myoelectric hand prosthesis that combines ease of use, high reliability and robustness and is equipped with an artificial intelligence algorithm that enhances its mechanical technology. Intended for individuals who have lost an upper limb due to traumatic events or were born without one due to congenital conditions, it aims to improve the quality of life for people with limb difference.

The uniqueness of Adam’s Hand on the international stage lies in its high technological content, backed by the company’s intellectual property – currently comprising six international patent families – and by its rapid market expansion. Indeed, following its introduction to the European market in March 2023 and subsequently in the United States in March 2024, Adam’s Hand is now available in 12 countries. It is a CE-marked medical device listed in the FDA database, and recently earned PDAC approval, making it eligible for Medicare reimbursement in the United States.

BionIT Labs

BionIT Labs stands out as a national centre of excellence in the field of bionic engineering, thanks in part to the work of more than 30 employees and collaborators specialised in engineering and biomedical disciplines. These professionals apply their expertise on a daily basis to make a tangible impact on society, united by the company’s shared mission and vision: to make the world more inclusive and accessible by “transforming disabilities into new possibilities”. In fact the company works with numerous universities and research institutes at both the national and international levels, attracting talent and driving an increasingly rapid pace of development and innovation.

Together with BionIT Labs’s existing shareholders, the round was completed by CDP Venture Capital SGR through the Italia Venture II Fund - Imprese Sud Fund, and Equiter via the “RIF” Research and Innovation Fund. It also included Sefea Impact SGR through the Sì Fund, a social impact fund, Simest SpA on behalf of the Venture Capital Unified Fund “FUVC”, which supports the international expansion of Italian enterprises, and Fondazione Enea Tech Biomedical, a private-law body under the direct supervision of the Ministry for Business and Made in Italy.

The team

Alongside the closing of the round, BionIT Labs is also strengthening its management structure with a new Board of Directors composed of Matteo Aventaggiato (COO and co-founder), Ilaria De Filippo (CFO), Federico Lanciano (appointed on behalf of CDP Venture Capital Sgr) and Mauro Zan, appointed on behalf of Sefea, RIF and Enea Tech Biomedical, who will also work side by side with Chief Executive Officer Giovanni Zappatore in leading the company.

At CDP Venture Capital Sgr the transaction was overseen by Francesca Ottier, Head of the Italia Venture II Fund - Imprese Sud Fund, Federico Lanciano, Partner, and Paola Deidda, Associate of the Fund. For the “RIF” Research and Innovation Fund, the transaction was managed by advisor Equiter SpA, represented by Giuseppe Bruno and Maria Concetta Smarrelli. At Sefea Impact SGR the transaction was followed by Mauro Zan and Valentina Piccin, while at Fondazione Enea Tech Biomedical the leads were Giuseppe Corvino and Wanda Ternau.

The company thanks outgoing board member Giuseppe Giannasio and outgoing chairman Pierpaolo Pagliarini for their work.

The company was assisted by Luca Spagna, Senior Manager at Ernst & Young, and his team from the early stages of the process. The group of investors was supported by CDP Venture Capital’s in-house legal team of Alessandro di Gioia and Debora Perciballi, with assistance from Andrea Piermartini Rosi, Partner at Alma LED, for legal due diligence and the negotiation of the contractual documentation.