Big Red Ventures (BRV), Cornell’s early-stage venture capital fund, is excited to announce its investment in Assistive Technology Development, Inc. (ATDev), a medical device company focused on mobility, marking BRV’s first investment of 2022-23.
“ATDev is incredibly excited to join Big Red Ventures’ world class portfolio,” said Todd Roberts, ATDev Co-Founder and CEO. “Access to the team’s expertise and Cornell’s vast resources will accelerate our mission of launching scalable physical therapy to patients across the US and globally.”
Co-founded by Roberts and Owen Kent, ATDev is reimagining physical therapy through robotics to transform access to care and tracking of patient outcomes. Through their novel knee brace, Rehab Robo, ATDev is on a mission to reduce barriers to physical therapy and improve the quality of care for individuals who have undergone knee surgery. Rehab Robo is the first device that can support the entire rehabilitation pathway in the comfort of a patient’s home.
“We are delighted to back Todd and Owen on their exciting journey to disrupt the physical therapy market,” said Sam Evans, BRV Fund Manager. “ATDev has the potential to transform recovery for millions that experience knee surgery each year. Their affordable solution significantly improves access to care, and we believe it’s a huge step forward for global healthcare. The home health space needs innovation, and we look forward to building upon the company’s strong momentum.”
Recent studies have found that knee replacement surgeries are expected to grow at a rate of 6.6 percent year-over-year due to an aging population and increase in obesity. It is projected that 3.5 million annual procedures will be conducted by 2030.
This round of financing will enable further development of ATDev’s commercialization activities and continued clinical studies. After successfully running their first pilot test in September, the investment round, also participated in by the Berkeley Skydeck Fund, marked another significant milestone of Q3 ‘22 for the company.