SAN DIEGO—UpLyft, a medical technology company that created the UpLyft ST-120™ patient transfer system, has closed a $10 million venture leasing facility with kineo Finance of Basel, Switzerland. Financing from this deal will be directed towards UpLyft’s leasing program for both consumers at home and healthcare facilities.
Demand for UpLyft’s independent and "zero-lifting" assisted transfer systems has skyrocketed this year, the company said, with initial inventory rapidly selling out and subsequent sales leading to a wait list for the next batch of units. This past month, the company completed the manufacturing of all initial pre-sold UpLyft systems, which have now been successfully shipped to distribution partners or installed in pre-order customers’ homes across 12 states nationwide.
“We are ecstatic to partner with kineo Finance on this key transaction as we work to expand our manufacturing capabilities in 2023 and satisfy our burgeoning sales demand,” said Craig Misrach, president & CEO of UpLyft. “Kineo’s executives possess decades of medical device commercialization experience and have found a valuable niche in providing leasing capital to companies scaling their sales and distribution throughout the U.S. and internationally.”
The venture leasing facility from kineo will assist UpLyft in the fulfillment of 2,000 leased units to consumers, healthcare facilities and distributors across the country. The company’s leasing program is anticipated to be driven primarily by healthcare institutions, such as hospitals, nursing homes and complex rehabilitation clinics. Lease orders have already commenced for consumers at home, as geriatric and bariatric trends continue to drive demand for novel 'aging in place’ home medical technology products like UpLyft.
“We believe UpLyft is a paradigm shifting patient transfer system that will benefit healthcare facilities, providers and patients across the U.S.,” said Charles Sellman, president of kineo Finance. “We are excited to put this initial leasing program in place for UpLyft, and are looking forward to the prospect of expanding this program in the future as UpLyft scales its distribution and sales footprint around the world in the years ahead.”
In addition to their deal with kineo, UpLyft held an initial closing of a $5 million preferred stock round earlier this year in July 2022. Investors in the round included IHD Ventures, Fortech Investments, August Holdings, and members of U.S. Angels, CalTech Angels, Danube Angels, and the San Diego Angel Group. The company has additional preferred stock available for investment by accredited investors via UpLyft’s investment portal on Redcrow.