The Belfast-based app developer has closed a pre-seed round to scale its team and enter the US market.
"The reality is the big tech companies have monetised our time and attention. Every second spent on their platforms translates to revenue. The incentivisation model is all wrong, which is why we as a society are realising a broad range of negative outcomes, from diminishing attention spans to rising anxiety and body image issues. Our mission is to restore individual agency, empowering people to lead healthy, intentional and fulfilling lives."
Clarendon Fund Managers led the £3.8m financing round to support international growth and product development.
"With Neal and Yvette at the helm, Reform RX is an ambitious company that shares our vision for the future. It will be the must-have piece of equipment for every Reformer Pilates enthusiast and studio. The deal is the largest initial investment we have ever completed in a single NI company here at Clarendon, which is a reflection of the confidence we have in the team at Reform RX. I can’t wait to see how their journey develops from here."
The investment was led by Kernel Capital to support operational expansion ahead of new contract wins.
"I would like to take this opportunity to thank our investors for their continued support. This in addition to securing several new contracts will be used to accelerate our operational expansion and deliver on our strong order book for 2023 and beyond."
The financing round was led by First Capital Ventures with participation from existing investors.
"We are delighted to welcome First Capital Ventures as our latest and first U.S. investor alongside the continued commitment from our existing investor base."
The oversubscribed round was led by Techstart Ventures with participation from Clarendon Fund Managers and angels.
"We intend to use the funds to build partnerships and upscale our marketing efforts within Ireland. We have recently partnered with Visa to expand into the Irish market and this investment will allow us to accelerate our rollout of the app to local businesses."
Kernel Capital increased its backing alongside Accelerated Digital Ventures, Wharton Asset Management, and Clarendon Fund Managers.
"We are delighted to receive this injection of investment from Kernel and our other investors so we can continue our work with existing customers and advance new customer applications."
The Belfast start-up gains official backing to bring its LipRead and SRAVI communication products to market.
"We’re always excited to see how the companies we’ve worked with continue to grow and innovate producing cutting edge research. Liopa is doing some critical work and using their research to provide solutions in a particularly challenging time. We’re pleased the team are getting the funding they deserve to continue this work."
