Putting a bionics company in touch with funding

Touch Bionics, the Scottish producer of bionic hands, secured a £2.5 million funding package from the Bank to help it expand overseas. The funding package included working capital facilities and term loan facilities to support growth

The Bank’s relationship with Touch Bionics dates back to December 2010 when the company received, as one of the inaugural Growth Finance customers, a £2.5m funding package to boost overseas expansion. Since then, the Bank has continued to support the company with additional facilities.

Company profile

Touch Bionics is a provider of world-leading prosthetic technologies and supporting services designed to achieve positive outcomes for people with upper limb deficiencies.

The company was spun out of the NHS in 2003, and since 2007 has launched the i-limb series of products, stemming from the i-limb hand - its first powered prosthetic hand to incorporate articulating fingers.

More recently, the i-limb ultra revolution product with five articulating digits coupled with a powered rotating thumb. This provides a prosthesis that offers features beyond the capabilities of any other prosthetic hand.

Touch Bionics also launched i-limb digits for amputees with anywhere from one to five missing fingers. These digits, which move independently and bend at the joints, work in conjunction with any remaining fingers to help increase functional capabilities.

How is the deal helping drive the business?

Touch Bionics Chief Executive Ian Stevens said, “The investment from Clydesdale Bank over the last few years has assisted the company with our growth in North America and with continued research and development into our product roadmap.”

Steve Clark, Portfolio Director for Growth Finance said, “As one of the first businesses to benefit from the Growth Finance offering back in 2010, we have been able to develop a strong relationship with Touch Bionics as it has continued to grow. The product range offered really does change lives for their customers and we are proud to be associated with Touch Bionics.”