INSIGHTS / News

University of Bristol spinout Milbotix has been awarded a £500k grant through Innovate UK’s Future Economy Fund.

The scheme enables early-stage, innovation-led businesses to raise non-dilutable grant funding, up to £900k, for R&D projects alongside Angel co-investment.

In the last five years, the Future Economy Fund Investor Partnerships scheme has awarded £42.8m in grants to 183 transformative SMEs. The aim is to attract aligned equity investment to help these forward-thinking businesses grow through research and innovation. And now, with support from SETsquared’s Investment and Scale-Up teams, Milbotix will join this select cohort of businesses.

The Scale-Up member has developed pioneering SmartSocks™ to help those living with dementia and other non-verbal communication conditions. MPATIX is a wearable technology that uses discreet e-textile sensors and proprietary AI to recognise when a person with communication difficulties is in distress. The sensors are embedded inside the sock, allowing for physiological markers of pain and distress to be detected without causing further distress to the user – a common problem with existing products already on the market.

Milbotix is backed by Alzheimer’s Society, the UK’s leading dementia charity. According to Alzheimer’s Society, there will be 1.6 million people with dementia in the UK by 2040, with one person developing dementia every three minutes. Dementia is thought to cost the UK £34.7 billion every year.

Angel investor Dean was inspired to invest in Milbotix after witnessing that his late mother, who had dementia, was becoming increasingly agitated. He said:

“SmartSocks would have picked up when Mum was becoming agitated and would have helped in the early days of her illness by enabling Dad to deploy the distraction techniques we used to calm her. It would also have helped the hard-pressed care home staff to target their care to her needs and alerted them to her distress when she was alone in her room, enabling them to respond more quickly and help relieve her anxiety.”

Agitation and aggression in dementia are often caused by unmanaged pain and anxiety. SmartSocks™ contain comfortable sensors that measure the wearer’s sweat, pulse, temperature and motion. The socks work in conjunction with patent-pending artificial intelligence software and a mobile app that alerts carers to signs of distress.

Co-founder, Dr Zeke Steer, said: “We are seeking passionate, impact-oriented investors like Dean to help us revolutionise how dementia care is delivered. Investing in Milbotix offers the prospect of an attractive return whilst helping to address challenges arising from a globally ageing population.

Milbotix is still raising to achieve aligned investment. If you’re an angel, med-tech or impact investor keen to learn more about the SmartSocks™ offering, get in touch with Zeke Steer on [email protected]