Milbotix SmartSocks transforming dementia care with support from Innovate UK
Milbotix, a digital tech company based in Chipping Norton, Oxfordshire, is making waves in dementia care with its innovative SmartSocks®, a solution designed to enhance the quality of life for individuals with dementia, autism and other learning disabilities. After Innovate UK funding and with support from Innovate UK Business Growth, the company recently secured a £500,000 equity raise and is growing its headcount. This funding is enabling Milbotix to begin manufacturing its first batch of SmartSocks® in preparation for a further round of fundraising aimed at expanding its market reach.
Milbotix was founded by Zeke Steer, inspired by his great-grandmother’s struggle with dementia, which led to increased agitation and aggression. This personal experience inspired the creation of SmartSocks®, a wearable technology that detects signs of distress through physiological changes in the user’s feet, providing timely alerts to carers. This early warning system allows for quicker psychological or physical interventions, reducing stress for both users and their caregivers.
“SmartSocks® can truly transform care by offering early intervention possibilities that were not previously possible,” says Zeke Steer, Founder and CEO of Milbotix. “By creating innovative solutions that are both unobtrusive and effective, we can enhance the care experience for both caregivers and those they look after.”
A strategic partner to commercialise its product
Milbotix began working with Innovate UK Business Growth in April 2022. This partnership marked a significant inflection point for the company.
Milbotix focused on innovation management with its Innovation and Growth Specialist, Irving Levy, during which it received a Research & Technology Organisations (RTOs) and Catapults grant from the service. This grant enabled the company to access expert knowledge and state-of-the-art facilities at the Centre for Process Innovation (CPI), which was instrumental in refining the product for market readiness.
Through bespoke support tailored to its specific needs, Milbotix also identified crucial funding across several Innovate UK grants, including the Biomedical Catalyst (£374,026), Fast Start (£49,942) and Future Economy grants (£486,197). These grants, totalling over £900,000, have been essential in advancing the development and manufacturing of SmartSocks®. Furthermore, Milbotix has recently been awarded a Design Foundations grant of £80,000, which will help the company identify high-value innovation opportunities with its product.
Investment readiness support
As part of its support with its funding and finance strategy, Milbotix worked with Innovate UK Business Growth on its approach to raising equity investment to achieve specific milestone objectives. Its specialist nominated it for Invest-Ability Training to enhance its investment readiness, focusing on key areas such as pitch development and financial planning.
This support has been crucial in helping Milbotix secure a £500,000 equity raise, to facilitate the manufacturing of the first batch of SmartSocks®.
Zeke explains: “The tailored support and regular ‘sense-checks’ from Innovate UK Business Growth have been instrumental in helping us refine our pitch and successfully complete our latest investment raise.”
Driving innovation and economic impact in the UK
The impact of Innovate UK support on Milbotix has been profound. The company has increased its headcount to 10 employees, with further expansion planned for 2024 and beyond.
The strategic guidance from Innovate UK Business Growth has also enabled Milbotix to form valuable partnerships with organisations such as the Alzheimer’s Society, various universities including the University of the West of England and SETsquared, a global business incubator and accelerator that supports startups and innovative organisations in the UK.
Zeke notes: “These collaborations have been crucial for both research and development, as well as market expansion and would not have been possible without the support from Innovate UK Business Growth.
“This support has allowed us to move quickly from concept to market, ensuring that our product makes a tangible impact on people living with dementia, neurodivergent individuals and UK society as a whole.”
Zeke adds: “Innovate UK Business Growth’s tailored guidance has been crucial in our journey. It’s not just about funding; it’s about receiving the right support at the right time to make strategic decisions that drive growth.”
Scaling and impact expansion
With ongoing support from Innovate UK Business Growth, Milbotix is gearing up to launch its web shop, with a PR campaign planned in collaboration with the Alzheimer’s Society. The company is also preparing for its next round of fundraising to accelerate market expansion and continue its development of innovative care solutions.
Innovate UK Business Growth’s tailored guidance has been crucial in our journey. It’s not just about funding; it’s about receiving the right support at the right time to make strategic decisions that drive growth.
– Zeke Steer, Founder and CEO of Milbotix