UpLyft Inc, the developer of a self-transfer system between bed and wheelchair for people with limited mobility, is preparing to commence initial manufacturing of pre-order sales demonstration units after completing early fundraising activities.
The early fundraising includes more than $100,000 from various investors at the San Diego Angel Conference (SDAC) III.
The company has over-subscribed its pre-orders for UpLyft, which is designed to independently move people with limited mobility weighing up to 600 lbs from bed or gurney to wheelchair and back with no physical force required from a nurse or caregiver. UpLyft addresses a total available market of $19 billion, which includes the home care market, hospitals, nursing homes and assisted living facilities, a media release from UpLyft explains.
“The low-cost design and ease of operation of UpLyft has the potential to disrupt the patient-transfer marketplace, especially in institutions where facility operators face a huge liability for healthcare workers becoming injured during patient transfer. Pre-orders of the device from consumers indicate a strong interest for an affordable alternative to nurse or caregiver-assisted transfer for people with limited mobility.”
— Bobby Edelman, SDAC Due Diligence Lead & Tech Coast Angels Investor
UpLyft is serving patient populations including those with Parkinson’s, ALS, muscular dystrophy, multiple sclerosis, paralysis from spinal-cord injuries, and seniors who desire living at home longer, the release continues.
“We are ecstatic to close this round of funding with SDAC, which also includes investment participation from members of Tech Coast Angels, U.S. Angels, and the Global Head of Wearables at Qualcomm. We are prepared to commence manufacturing locally here in San Diego and look forward to helping our valued pre-order customers in restoring the dignity of independently getting in and out of bed every day and night at home.”
— Craig Misrach, President & CEO of UpLyft
UpLyft’s consumer/home configuration is designed for an estimated price point similar to that of home stairlifts. The hospital-grade product is designed to accommodate individuals with obesity, be integrated with healthcare information technology systems, and can be operated by nurses and healthcare providers. Both products are expected to generate gross margins in-line with the ~70% medical device industry average.
UpLyft is covered by 14 issued patents, with seven additional patents pending. The company has raised $900,000 since inception. Interested accredited investors can learn more about UpLyft on healthcare investment platform Redcrow.
[Source(s): UpLyft, Business Wire]