UpLyft, a medical technology company, closed a $10 million venture leasing facility with Kineo Finance from Basel, Switzerland. Financing from this deal will be directed toward UpLyft’s leasing program for both consumers at home and healthcare facilities.

According to UpLyft, demand for its independent and ‘zero-lifting’ assisted transfer systems, including the UpLyft ST-120 patient transfer system, has skyrocketed this year, with initial inventory selling out and subsequent sales leading to a wait list for the next batch of units. This past month, the company completed the manufacturing of all initial pre-sold UpLyft systems, which have now been shipped to distribution partners or installed in pre-order customers’ homes across 12 states.

“We are ecstatic to partner with Kineo Finance on this key transaction as we work to expand our manufacturing capabilities in 2023 and satisfy our burgeoning sales demand,” Craig Misrach, president and CEO of UpLyft, said. “Kineo’s executives possess decades of medical device commercialization experience and have found a valuable niche in providing leasing capital to companies scaling their sales and distribution throughout the U.S. and internationally.”

The venture leasing facility from Kineo will assist UpLyft in the fulfillment of 2,000 leased units to consumers, healthcare facilities and distributors across the United States. The company’s leasing program is anticipated to be driven primarily by healthcare institutions, such as hospitals, nursing homes and complex rehabilitation clinics. Lease orders have already commenced for consumers at home.

“We believe UpLyft is a paradigm shifting patient transfer system that will benefit healthcare facilities, providers and patients across the U.S.,” Charles Sellman, president of Kineo Finance, said. “We are excited to put this initial leasing program in place for UpLyft, and are looking forward to the prospect of expanding this program in the future as UpLyft scales its distribution and sales footprint around the world in the years ahead.”