Germany-based exoskeleton developer German Bionic Systems raised $20m in series A funding from investors including consumer electronics producer Samsung’s Catalyst fund yesterday.
MIG Fonds supplied $4.8m of the funding in the round, which also featured Storm Ventures, Benhamou Global Ventures and IT Farm. It followed $3.5m from IT Farm, Atlantic Labs and unnamed angel investors at an undisclosed date, according to TechCrunch.
German Bionic has developed a carbon fibre power suit called Cray X that helps users lift heavy objects by providing lower back support. The series A proceeds will support international growth.
Armin G. Schmidt, German Bionic’s chief executive, said: “With our ground-breaking robotic technology that combines human work with the industrial internet of things, we literally strengthen the shop floor workers’ backs in an immediate and sustainable way.
“Measurable data underscores that this ultimately increases productivity and the efficiency of the work done. The market for smart human-machine systems is huge and we are now perfectly positioned to take a major share and substantially improve numerous working lives.”