A Welsh business using pioneering technologies to create an innovative range of footcare products has received the backing of a group of angel investors, along with the Development Bank of Wales, the Welsh Government, University of Wales Trinity St David and Innovate UK.
Kaydiar was set up in 2018 as an ambitious spin-out from Cardiff Metropolitan University, focusing on improving foot care by using emerging technology to help relieve pressure lesions and similar sores. Its new DiaSole and ZeroSole products are respectively designed to help those suffering from diabetic foot ulcers and pressure-induced corns or calluses.
Both products make use of easily customisable hexagonal mesh frames, allowing wearers to change the size and shape of the soles in line with treatment needs. Kaydiar plans to follow up their success with an exciting new technology, PROMorph, a revolutionary composite material which aims to disrupt the podiatry and orthotics industry, by helping patients using casts, braces and other medically-prescribed orthotics when recovering from injury.
The Development Bank of Wales joined Women Angels of Wales (WAW) to back Kaydiar as part of a £1.2 million investment round, with the Development Bank investing £200,000, WAW and the Angel Co-Investment Fund investing £210,000 and £100,000 from The University of Wales Trinity St David. The business was also supported by grant funding, including grant funding of £450,000 from the Innovate UK smart grant award and £200,000 from the Welsh Government.
Carol Hall, Investment Manager for Angels Invest Wales, said:
“The products that Kaydiar are bringing to market will be hugely beneficial to people suffering with foot pressure sores, and they’re a fantastic example of a Welsh spin-out medtech company using new technologies to provide a solution to something which affects thousands of people.”
Sharon Pipe, who led on the deal at Women Angels of Wales, said:
“We’re working hard to encourage more women to get involved with angel investing. Our support for Kaydiar is a great example of bringing together grant, angel and institutional funding to provide the resources to support the development of an innovative, early-stage company in Wales. Our syndicate is delighted to support Heather Smart and David Barton, two young podiatrists who are applying new technologies to improve patient outcomes in the footcare sector. We all look forward to working with Kaydiar to build a world class company.”
David Barton at Kaydiar said:
“Heather and I are absolutely thrilled to have gained the support from The Development Bank of Wales, Women Angels of Wales, University of Wales Trinity St David, Innovate UK and the Welsh Government. This is a pivotal time for Kaydiar, as we launch ZeroSole online and through large retailers such as Boots, whilst continuing to innovate new disruptive offloading technology for the podiatry and orthotic markets.”
Established to help support women in the early-stage investment community in Wales, Women Angels of Wales is jointly supported by the British Business Bank and the Development Bank of Wales. The syndicate has access to co-investment of up to £250,000 for each deal from the Development Bank’s £8 million Wales Angel Co-Investment Fund. Further information is available at www.womenangelsofwales.com
