Reactec raises £700,000 to battle incurable industrial disease
Edinburgh-based hand arm vibration syndrome (HAVS) prevention specialist will use funding to further develop its innovative wearable monitoring device
Reactec, a medtech business specialising in the prevention and management of hand arm vibration syndrome (HAVS), has closed a £700,000 funding round led by angel investment syndicate Archangels, with co-funding from Scottish Investment Bank.
£122,000 of the £700,000 investment came from Reactec’s board, management and staff.
Edinburgh-based Reactec is an analytics platform which monitors the risk of the HAVS syndrome in industrial workers who are exposed to harmful vibration while using handheld tools.
In 2016, the company launched HAVwear, a wearable device which better informs this risk analysis by recording real-time data on workers’ vibration exposure.
Reactec shipped 10,000 devices in the year following HAVwear’s launch, resulting in a £1m sales quarter for the business.
The company will use the funding to further develop its HAVwear technology, and recruit four more sales and engineering staff members to facilitate research and development.
Jacqui McLaughlin, Reactec chief executive, commented:
“I am thrilled that so many of our own people have chosen to invest their own cash in Reactec’s future, alongside Archangels and Scottish Investment Bank. This will help us to grow the business internationally and undertake further R&D.”
Sarah Hardy, chief investment officer at Archangels, added:
“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.”