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Back in February, we told you about SOLS Orthotics, a 3D orthotics company that utilizes specialized software to transform videos of an individual's foot into customized orthotics. Demonstrating the potential of this emerging market, the eight-month old company announced this week they have secured $6.4 million in investments. Lux Capital, Founders Fund, RRE Ventures and Rothenberg Ventures were among their high-profile funders.
Podiatrists Take Advantage of 3D Printed Orthotics
SOLS started with 15 podiatrists on its client list, but has already expanded to include 50 podiatrists eager to test out its technology. Co-founder Kegan Schouwenburg explained, "We basically saw something that had no innovation." 3D orthotics filled that gap. Current orthotics offer little customization and are often cumbersome shoe inserts that aren't worth the investment. She and co-founder Joel Wishkovsky hope to expand their products to include custom colors, fashionable inserts for high-heels, and eventually wrist and knee braces. They plan to split into a medical brand and a consumer brand.
Raising the Funds
The co-founders interviewed with Lux Capital and initially received $1.75 million in seed money. About a month ago, SOLS launched a series A round of financing, seeking additional funds from Lux and others. They chose to target Founders Fund because of their reputation for diversity within their portfolio. The round closed last week, yielding $6.4 million. The additional funds will allow the company to hire more employees, specifically in non-engineering roles, growing their total number of employees to 20 by summer.
SOLS is just one example of the innovation and success that can be accomplished through 3D printing. In fact, the industry has already seen a $403 million takeover when 3D printer manufacturer Makerbot sold out to Stratasys last year. More and more industries are realizing the benefits of products designed using 3D printers.