Rescape Innovation has received £480,000 through a combination of ten Wales-based angel investors and the Development Bank of Wales to export and develop its products.

Insider Media reports the deal was led by South Wales-based investor Andrew Diplock, with support from Angels Invest Wales, part of the Development Bank of Wales, Geldards and Capital Law. Andrew Diplock and the syndicate of investors secured match funding from the £8m Wales Angel Co-investment Fund.

Andrew Diplock said “The future is exciting for Rescape and with the new funding, the business will be able to make the right investment at the right time with innovative technology in the developing healthcare sector. I was pleased to be able to introduce this South Wales based business to a group of leading and experienced businesspeople – they all agreed to back the exciting future development of this company. I focus my investment activity on high growth potential South Wales-based businesses. Rescape Innovation certainly fits the bill and I look forward to working with the management team in the years to come.”

Rescape Innovation, based in Cardiff, works to develop virtual reality products that help deal with pain, rehabilitation, stress and anxiety by distracting the brain. The distraction therapy technology allows someone to be immersed in a different reality, helping the brain to reduce pain and ease the feelings of anxiety.

Steve Holt, director of Angels Invest Wales said “We are delighted to support the development of Rescape Innovation with match funding of £207,500 through the Wales Angel Co-investment Fund. This fund is now successfully encouraging new angel syndicates to come together to invest in Welsh businesses. The Rescape investment syndicate has brought ten angel investors together and collectively they’ll bring a wealth of experience to the development of the business.”

The product has already been used in thirty one healthcare institutions across the UK with a further thirty orders placed. With the recent business growth, the Welsh start-up is responding to global interest in the technology, including enquiries from Norway, Australia and South Africa.

Matt Wordley, chief executive of Rescape Innovation, said “This investment opens up an exciting new chapter for Rescape and puts us in the best position to expand our product offering to offer patients support through proven techniques like distraction therapy. There are so many factors in establishing a quality tech product but thanks to the support we’ve received from Andrew Diplock, the other angel investors and Development Bank of Wales, we’re not only leading VR innovation in Wales, but across the UK and the world. We’re proud to have started our business here in Wales and with the brilliant talent, infrastructure and support system, we’re able to grow and develop our products here too.”