PRESS RELEASE Helsinki 03.01.2018 – MoveSole Ltd, a company developing smart insoles based on sensor technology, is launching a new product solution, which enables health care professionals to analyse patients’ gait both at the clinic and outside in the everyday environment of the patient. The company has begun a share issue via the Invesdor investment service.
About 10% of the Finnish population suffers from diabetes. It is estimated that there will be more than 640 million diabetics in the world by 2040. Of the additional disorders caused by diabetes, feet ulcers require the most treatment and clinical care. If ulcers are left untreated, there can be serious consequences, as they increase the risk of lower leg amputations more than 15-fold compared to people without diabetes.
A key treatment for foot ulcers is to offload so that sole pressure is lightened and directed away from the ulcer spot. Until today, the care and monitoring have been based on an estimation by a healthcare professional and feedback from the patient.
“Healthcare professionals have been wishing for reliable tools for measuring gait, not only to support diabetic foot care but also for lower leg rehabilitation,” states chairman of the MoveSole Ltd board, Mika Määttänen. Määttänen has had a long and versatile career in rehabilitation services.
After three years of product development MoveSole is about to have their product launch for the smart insole during the second quarter of 2018. This smart insole is designed to be used at health care professionals’ clinics as well as outside the clinics under professional monitoring. The primary use cases for these smart insoles are the treatment of diabetic foot ulcers and rehabilitation of lower leg injuries.
The CEO of MoveSole Ltd, Eero Kaikkonen told that the great number and severity of diabetic foot ulcers caught the team by surprise when they started the development. In Europe alone about 8 million diabetics are at risk of getting a foot ulcer, and 50% of ulcers renew. “We are launching a totally new sensor technology based solution, which enables real-time monitoring and laboratory level analysis of the patient’s gait,” Kaikkonen sums up.
“The MoveSole smart insole has been develop in close cooperation with orthopedics and foot therapists. A central aim has been to develop a solution that enables gait monitoring also outside clinics to see how people walk in a regular environment. Another aim was to develop something
truly easy to use. The health care professionals much rather concentrate on the actual patient work than trying to figure our complicated technical structures. Based on the feedback so far, both aims have been reached in an excellent manner”
With the current share issue MoveSole seeks the get 100,000–300,000 euros of funding. The company plans to invest the funds in the production of MoveSole smart insoles, acquiring medical device approval, and market launch. The company’s materials related to the share issue and share subscription can be found on Invesdor’s platform at https://www.invesdor.com/fi/pitches/880
Euro Kaikkonen, CEO, MoveSole Ltd. firstname.lastname@example.org , tel. +358 400 688 263
Mikko Savolainen, communications manager, Invesdor Ltd email@example.com , tel. +358 40 747 5205
MoveSole in brief
MoveSole develops and sells health care professionals sensor technology based gait analysis smart insoles and the mobile application that uses collected data to produce visual or numeric reports to support patient care.
Invesdor in brief
A financial technology (fintech) company founded in Finland in 2012, Invesdor operates an online investment platform that connects ambitious European growth companies with investors worldwide. Invesdor has helped raise more than 40 million euros for more than a hundred businesses. Invesdor’s clients include private and publicly traded companies from Finland, the UK, Sweden, Norway and Denmark as well as investors from more than 70 countries. Invesdor has offices in Helsinki and London. More information at https://www.invesdor.com