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Hangzhou RoboCT Technology Development Co., a developer of robotic exoskeletons, announced that it brought in over $15.7 million (RMB 100 million) in series A+ funding. The company plans to use the funding to expand globally and increase its operation and commercialization capabilities.
RobotCT’s UGO exoskeleton robot is a rehabilitation robot that helps patients who experience motor dysfunction in the lower body learn how to walk. Patients that have suffered from spinal cord injuries, strokes, lower limb muscle weakness and other nervous system diseases have benefited from the robot, which is at work in over 200 hospitals in China.
The company was the first in China to receive the National Medical Products Administration (NMPA) registration certificate for lower-limb exoskeleton robots for central neuropathy.
“RoboCT’s exoskeleton has received extremely positive feedback from patients and hospitals,” Wang Tian, CEO of RobotCT, said. “We are honored that our dedication has been recognized by the industry and by top institutional investors who share our vision in the early stages of RoboCT’s establishment. We are aware that we are shouldering a great social responsibility and believe we can become a top-tier company within the industry.”
Fortune Capital led the funding round, which also included participation from new investors, like Essence Securities, Poly Capital, and an existing investor, Blue Run Ventures China.
“We believe in RoboCT’s ability to transform rehabilitation and bring autonomy to people with reduced mobility,” Jui Tan, managing partner at Blue Run Ventures China, said. “Along with the elderly population, rising incidence of physical debilitation holds the key to the growth of assistive robotics in China. The widespread use of exoskeleton robots is an inevitable trend in the future.”
According to RoboCT, the company has produced over 100,000 UGO exoskeletons so far. The company claims its strong supply chain has allowed it to push production costs down, allowing it to pump out the exoskeletons at a much larger scale. The company offers its exoskeleton as a robot as a service (RaaS), making adoption easier for hospitals.