Rescape Innovation, a Welsh virtual reality (VR) development startup operating in the healthcare space, has recently obtained a six-figure investment. The investment will be utilised for the purposes of product development for patient rehabilitation and recovery.
The company has gotten combined funding of £480,000 through the Development Bank of Wales and a group of ten Welsh angel investors.
Andrew Diplock, an investor from South Wales, led the initiative, with the support of Development Bank of Wales section Angels Invest Wales, Capital Law, and Geldards. Diplock and the investor group were successful in gaining the funds sourced from the the £8m-valuation Wales Angel Co-investment Fund.
The future for Rescape is quite exciting after the new round of funding received by the brand. It will empower the business to make suitable investments directed towards the latest technology in the fast-growing healthcare industry. – Andrew Diplock
Diplock gave his insights regarding the funding phase, expressing gratitude for being able to open up opportunities for the South Wales business, by exposing it prominent veteran business entities. Diplock revealed that all the other investors agreed to support the company and help it grow.
Diplock, who invests in South Wales business organisations with high potentials of growth, considers Rescape Innovation as a fitting candidate. He remarked regarding looking forward to collaborating with the company’s management team in the future.
Based in Cardiff, Rescape Innovation is a technology development service provider focussed on virtual reality. Its products help patients with stress, pain, anxiety, and rehabilitation through achieving distractions of their brains. The form of technology it uses, known as distraction therapy, creates an immersive experience for patients and takes them to an alternative reality. This therapy type helps the human brain surpass pain and reduce anxiety.
Steve Holt, Director, Angels Invest Wales, expressed excitement for the prospect of supporting Rescape Innovation in its ongoing development, through the means of a match fund amounting to £207,500 obtained from the Wales Angel Co-investment Fund. The Fund is proactively encouraging new angel investor syndicates to join forces for the development of Wales-based businesses.
The Rescape investment brought together a syndicate consisting of ten angel investors, who, according to Holt, possess a great level of experience to fuel the development of the company.
The VR-based product has already found use in thirty-one UK healthcare institutions. Furthermore, there are thirty more orders in place for it. The company, powered by its recent growth, is preparing to meet global demand, from countries like Australia, South Africa, and Norway.
Matt Wordley, Chief Executive, Rescape Innovation, expressed his delight regarding the expansion of the business and acknowledged the brand’s leading-edge VR innovation as the driving force behind its success.
