Nottingham-based Boditrax Technologies Ltd has received a £500,000 loan from the Midlands Engine Investment Fund (MEIF) East & South East Midlands Debt Finance fund, backed by the Coronavirus Business Interruption Loan Scheme (CBILS), managed by Maven Capital Partners.
Boditrax’s technology monitors cellular health and composition to quickly deliver accurate data on up to 45 different metrics, from body fat and muscle to cellular integrity and metabolic efficiency. Nearly eight million people worldwide monitor their health and fitness journey using Boditrax’s technology.
The funding will allow Boditrax to accelerate product development and focus on its next generation of software and hardware offerings, exploring new market sectors and creating a subscription model. Two further product launches are planned following the investment.
Established in 2011, Boditrax is backed by an experienced management team led by Executive Chairman Oliver Wheatcroft and Managing Director Nick Stillman. The company works with leading medical, fitness, academic and corporate organisations, including the NHS, HM Government, Virgin Active and David Lloyd alongside elite sports teams – from F1 to the Premier League.