AVEX announced the securing of $7.6m in series A financing that will fuel the Q1 2017 launch of Footbeat.
Footbeat is the only wearable technology that improves health and athletic performance by increasing circulation through precise, cyclic pressure applied to the arch of the foot.
“This is an exciting time for AVEX and its investors. We believe that an investment of this magnitude validates both the clinical and commercial potential of Footbeat,” said Matt Mayer, CEO of AVEX.
“We’re bringing a device to market that will transform lives through improved health and athletic recovery. The capital raised in this round will build up production capacity, expand the operations team, and provide the sales and marketing resources to make Footbeat available to patients and physicians.”
Co-founder, Dr. David Mayer, a practicing orthopedic surgeon of more than 35 years, was increasingly frustrated by his patients’ resistance to using life-saving circulation enhancement devices.
Talking with post-operative patients and patients suffering from lower body circulatory conditions led him to pinpoint three common complaints about existing devices: immobility, noise and discomfort.
Increasing circulation in his patients’ lower extremities was extremely important, so he sought a better solution—one that was comfortable, completely mobile, and easy-to-use with no unwanted side effects. After seven years of development and testing, he created Footbeat.
Footbeat is a first-in-class active recovery device, which fundamentally changes the method of circulatory enhancement in the lower extremities.
Footbeat applies precise, cyclic pressure on the bottom of the foot to increase the body’s circulation, improving health and athletic performance. Footbeat is clinically proven, non-invasive, mobile, and easy to use, which leads to better compliance, superior results and improved health.