Canada-based advanced robotics developer Kinova has received C$25m ($20m) in a funding round featuring contract electronics manufacturer Foxconn.
The round was led by BDC Capital, the investment arm of state-owned economic development agency Business Development Bank of Canada, and included Fonds Manufacturier Québécois and venture capital firm KTB Network.
Kinova is working on assistive robotic arm technology aimed at people living with upper-body mobility impairments, as well as an innovation-themed product that will enable users in the research and academia sectors to interact more safely with experiments.
The funding will help Kinova develop a more cost-effective manufacturing process, through digitisation and the increased use of robotics technology. It also hopes to open offices in the US and Asia, and to lobby healthcare regulators to approve medical robotics.
Foxconn’s corporate investment division said in a statement: “Foxconn sees strategic value working with Kinova and is exploring collaborations in various robotic fields.”
– The original version of this story appeared on our sister site, Global Government Venturing.