Fishers-based Recovery Force LLC, which makes compression garments embedded with microprocessors and metal alloys, recently raised about $3 million.
It's the second round of equity financing for the startup, which founder Matthew Wyatt started in his basement in 2012 and which now occupies a roughly 3,000-square-foot suite at co-working outfit Launch Fishers. The company bills itself as a pioneer of "smart" compression wear, and Wyatt said it's on the path toward commercialization.
"You don't have to go very far to see someone running in compression stockings, shirts or shorts," Wyatt, 48, said. "We didn't create the compression space, but we are bringing a technology to bring traditional compression wear to a whole new level."
The company, which has 10 employees, said its products promote blood flow by using nickel-titanium and microprocessors that cause subtle, intermittent contractions. The technology can help post-surgical patients stave off blood clots and help athletes and military members reduce muscle pain and fatigue.
The garments are waterproof, Wyatt said.
Recovery Force is pre-revenue, but Wyatt said it intends to license its technology to medical device companies, military agencies or contractors, and major sportswear companies. Those prospects could include firms like Nike and Under Armor.
It's products are currently undergoing FDA approval, Wyatt said.
The company raised about $2.2 million in capital in early 2014. Wyatt said the cash raised so far came primarily from angel investors and a Massachusetts-based private equity firm he didn't have permission to name.
The recent infusion is slated for the FDA-approval process, manufacturing prototypes, and legal expenses associated with licensing the technology.
Wyatt's background is in the medical device industry, and his inspiration for Recovery Force was in part seeing his father wearing compression "cuffs" after knee surgery.
"I just saw him in bed wearing these cuffs. They're loud and uncomfortable, and doctors never send patients home with them because [the patients] aren't compliant," Wyatt said. "And I just thought, 'There's got to be a better way.'"