Japan-based robotic exoskeleton developer Innophys has raised ¥3.53bn ($32.3m) in a series C round featuring corporates Bic Camera, Brother Industries, Hi-Lex, Nac, Tokai and Towa Pharmaceutical.
Electronics retailer Bic Camera, electrical equipment maker Brother Industries, industrial parts manufacturer Hi-Lex, property developer Nac, IT services firm TIS, hospital supplies provider Tokai and pharmaceutical company Towa all invested directly.
Investment and financial services group Fidelity International and venture capital firm Future Venture Capital filled out the round.
Spun out of Tokyo University of Science (TUS) in 2013, Innophys has created a wearable pneumatic artificial muscle tool dubbed Muscle Suit Every that helps users in areas like healthcare or retail lift heavy items.
The company has sold more than 5,000 units to date having introduced a lighter and more affordable version of the suit in November this year.
Innophys will use the series C funding to carry out research and development as it looks to launch new products and seek commercial opportunities and grow its presence in Japan and elsewhere. It also intends to partner some of the investors to expand its business.
The round follows $7.3m from investors including NEC Capital Solutions, the leasing services subsidiary of IT services firm NEC Corporation, diversified conglomerate Shun Hing, metal components manufacturer Jochu and insurer Taiju Life, which invested through Sansei Capital Investment.
The round also featured SMBC Venture Capital, a subsidiary of financial services firm Sumitomo Mitsui Banking Corporation, in addition to VC fund Venture Labo Investment and TUS investment vehicle Tokyo University of Science Investment Management.
