SCRA, a nonprofit organization that supports entrepreneurs in South Carolina, announces a $200,000 SC Launch Inc investment in Recovr, a Clemson, SC-based company developing physical therapy tools.
The company was accepted into SCRA’s Entrepreneurial Program, SC Launch, in 2014 and previously received two grants.
SC Launch Inc is an independent, non-profit corporation affiliated with SCRA, which provides loans and investments to selected South Carolina-based companies participating in the SC Launch program, according to a media release from Recovr
Recovr has created rehabilitation tools, designed by therapists, which increase patient engagement using fun, interactive games. The Recovr Rehabilitation System, the company’s first product, began as a research project at Clemson University and the Medical University of South Carolina.
Currently, Recovr’s FDA-cleared platform is marketed to occupational and physical therapists in skilled nursing facilities. The recent investment will be used to grow sales and to fund further development of Recovr’s Telerehabilitation Platform that will enable providers to enhance outcomes and decrease costs with innovative, home-based rehabilitation, per the release.
“We are thrilled about the growth that this investment made by SC Launch will enable,” says Austen Hayes, CEO of Recovr. “SC Launch was the very first organization to invest in Recovr, and we are proud to grow our partnership with SCRA and demonstrate what technology companies like Recovr can achieve right here in South Carolina.”
SCRA is a state-chartered organization that fuels job creation and grows South Carolina’s innovation economy. Through SC Launch, early-stage companies are provided mentoring and grants and may be eligible for an investment from SC Launch Inc. The SC Launch program is open to qualified South Carolina companies in the Advanced Materials/Manufacturing, Information Technology and Life Sciences sectors.
[Source(s): Recovr, Business Wire]