INSIGHTS / News

The Alzheimer’s Society predicts that by 2040, there will be 1.6 million people living the UK with dementia – a figure set to cost the British economy £34.7 billion ever year.

Several organisations including The Alzheimer’s Society offer support and services for individuals living with Alzheimer’s and their families. These services include informational resources, helplines, support groups, and initiatives to raise awareness about dementia and reduce the stigma associated with it, but Zeke Steer, Co-Founder and CEO of med-tech company, Milbotix, thought that more could be done.

Milbotix’s groundbreaking SmartSocks® functions as a resource for aiding care staff in delivering psychological and physical support to individuals with dementia. Discreet sensors embedded in each sock gather data from the foot and ankle, providing indications of distress which prompt care teams to intervene faster.

Intended for use on individuals with dementia, autism spectrum disorders, and certain learning disabilities, SmartSocks® have the potential to enhance the quality of life, alleviate agitation, and generate cost savings for care homes and social care.

As part of Milbotix’s recent funding round, it secured an additional £75k investment from Two Magnolias Venture Capital, raising the total equity investment to £513k. In addition to this, Milbotix has also secured non-dilutive funding totalling over £1m through schemes including Innovate UK’s Future Economy Programme.

Milbotix intends to use this recent funding to complete R&D on a version of SmartSocks® for the social care setting, whilst also launching a version for research into age-related conditions.

Speaking on social media, Zeke Steer, Co-Founder and CEO, Milbotix said, “I’m over the moon that Two Magnolias Venture Capital has chosen to invest in Milbotix. Two Magnolias are committed to solving the world’s most pressing problems. We are pleased to find a VC so aligned with our mission to create positive societal impact.” 

Milbotix’s current investment round remains open until 31 December 2023. If you’re an angel investor, med-tech or impact investor keen to learn more about  SmartSocks® , get in touch with Zeke Steer on [email protected]

 

About Milbotix Ltd

Milbotix Ltd. based in Oxford, UK is a Care-Tech spin-out from the Universities of Bristol and West of England. Founded by robotics and AI expert, Dr Zeke Steer and care home expert Jacqui Arnold Milbotix’s mission is to revolutionise care for people with neurocognitive diseases, in care homes, hospitals and at home.  Milbotix is an Alzheimer’s Society development partner.

SmartSocks® is a registered trademark of Milbotix Ltd.

Contact: Dr Zeke Steer: [email protected] www.milbotix.com