Saving the NHS millions, one step at a time
MedTech startup, Fyous, open third funding round.
- Hitting a £10m valuation in just over two years, Fyous have opened a third seed funding round
- The NHS currently spends almost £1 billion a year on diabetic foot care, with custom shoes costing upwards of £700
- Fyous make custom-fit footwear at mass-manufacturing speeds using their unique polymorphic moulding technology. Prices start at £250.
- Named 2022 startup of the year, Fyous have their sights on both the public sector and direct-to-consumer markets with two new product launches
Following multiple award wins and two new product launches, Fyous, the MedTech startup revolutionising custom footwear, has opened its third seed funding round.
Reaching a £10-million valuation in just over two years, Fyous are focused on applying their unique technology to NHS diabetes care in a bid to reduce costs and save lives.
The NHS currently spends almost £1 billion a year on diabetic foot care for the 4.9 million diabetics in the UK — enough to fund 25 million additional GP appointments.
With a five-year mortality rate of 40% for diabetic foot ulcers (DFU) and the number of diabetes sufferers set to increase to 5.5 million by 2030, finding affordable and effective treatment options is a public health priority.
“Current manufacturing techniques mean that a patient can have a waiting period of a few months before they are provided with bespoke provision… and any wait period could lead to re-ulceration of the patient” explains Orthotist Sarah Crossland if the Diabetic Limb Salvage Service at the Leeds Teaching Hospitals Trust.
Named 2022 Startup of the Year and winner of the Made in Yorkshire Award, Fyous has already received more than £600,000 in funding and has been accepted into both the Jump and P4SY MedTech accelerator programmes.
With MHRA clinical trial approval imminent, multiple NHS trusts are lining up to start clinical trials following positive feedback on the footwear from patients and their Consultants.
Co-Founder and CEO Joshua Shires, the founder behind £30m-revenue Mous Products Ltd, believes that Fyous has the potential to redefine diabetic foot care and the custom footwear industry more broadly.
“Fyous allows the NHS to deliver better care, faster, and for less than half the price. We’re not just making shoes — we’re reinventing the market, changing how custom-made, medical footwear is perceived”.
To create the custom-fit trainers, patients and customers use the Fyous app to scan each foot, creating millions of data points.
Frustrated by the speed of 3D printing, which can take seven hours to make a single shoe component, the duo used their engineering backgrounds to develop their unique polymorphic moulding process.
A closely guarded trade secret, the mould can quickly change shape for every piece of footwear, allowing Fyous to deliver a custom-fit product at mass-manufacturing speed with ultra-low waste.
Alongside their medical-industry-focused trainer, the brand has just launched a “Barefit” shoe for the direct-to-consumer market. With less cushioning and a zero-drop base, it’s designed to help wearers transition into the growing minimalist footwear movement.
“There’s no such thing as ‘standard shoe sizes’ — everyone’s feet are unique”, explains Co-Founder and COO Thomas Bloomfield. “Our unique polymorphic moulding process and foot scanning technology mean we can create footwear that fits perfectly first time, every time. It’s the next evolution of the footwear industry, and we’re excited to be leading the way”.
Currently valued at £10 million, the pair are seeking a further £1 million in funding to accelerate their growth into both the public and private sectors. Interested investors can find out more at Fyous.com and contact Thomas Bloomfield.
