Ukrainian startup secures $500,000 in the UK to combat pains from bad posture

Ukrainian startup Mevics has attracted $500,000 from UB Tower, a UK-based investment consulting company backing projects from Central and Eastern Europe.

Founded in 2015 by three students from Odessa, Southern Ukraine, Mevics has developed a wearable gadget to “control your posture and take care of your health” and ultimately open “the new age of healthcare.”

Mevics presents its device as an answer to the pains and fatigue caused by bad postures in sedentary work environments. The gadget helps users sit straight and control their spine, and reminds them about relaxing and doing physical exercise.

The Mevics device may also be used to prevent children and teenagers from taking incorrect postures when studying or computing.

The funding will be spent for R&D and marketing purposes, Mevics CEO Victor Laushtan told Ukraine Digital News.

In addition to this equity funding, the startup plans to launch a crowdfunding campaign on Kickstarter in the spring of next year, Laushtan added.

Amongs Mevics’ competitors are Upright, MasterOsanki and Lumo. Among Mevics advantages are an in-built office trainer and smart alarm clock, according to Laushtan.

The gadget will be manufactured in China. Sales could start as early as mid-2017 at an expected price of $80-$100 per item.

Mevics will target the US and European markets.

Sources: Mevics, AIN.UA (1, 2)

Topics: Finance, Hardware & Electronics, International, News, Odessa, Regions, Startups, Venture/Private equity
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