New Zealand smart fabric technology start-up, Footfalls & Heartbeats announced today the signing of an exclusive ongoing licensing deal with one of the world’s largest medical compression therapy companies, securing its foothold as a key emerging player in the smart textiles market.
The deal ensures significant ongoing funding for growth for the Kiwi company.
Headquartered in Bayreuth, Germany, Medi GmbH&Co.KG (Medi) is a leading global player in medical products with more than 60 years experience in compression technology. CircAid, a compression therapy company and 100% subsidiary of Medi, will initially implement Footfalls & Heartbeats technology into their compression bandaging products.
It is anticipated the Kiwi technology will allow medical practitioners and patients worldwide to more easily and reliably apply accurate compression levels when treating venous ulcers. Medi also plans to incorporate the Footfalls technology into additional products.
The deal with Medi is positive news for Footfalls & Heartbeats first investors.
“For a science based company, Footfalls has gone from seed funding to a significant commercial deal in a relative short time. It has been greatly assisted through co-investment from the NZ Venture Investment Fund along with support from Callaghan and New Zealand Trade and Enterprise as well as scientific collaborations with AUT, said Roland Toder.”