Whill, a US-based high-performance wheelchair producer that is backed by a range of corporates including telecoms firm NTT Docomo, has raised $17.5m in a series B round, TechCrunch reported yesterday.
The round was led by Eight Roads Ventures, the investment arm of financial services conglomerate Fidelity International, and also featured Golden Asia Fund II and Mirai Creation Investment.
Mirai is an investment fund backed by financial services firm Sparx Group, automotive manufacturer Toyota and financial institution Sumitomo Mitsui Banking Corporation. It was launched in November 2015.
Founded in 2012 in Japan, Whill produces wheelchairs that are able to take sharp corners even on rough terrain and steep inclines. The company is also working on wheelchairs that can drive autonomously and controlled remotely.
The cash will support an expansion into Europe and marketing efforts in the US for its airport rental offering. The company recently also obtained regulatory approval in the US to sell one of its wheelchair models as a medical device.
Whill previously received $11m in a series A round in 2014 backed by NTT Docomo’s corporate venturing unit NTT Docomo Ventures, state-run Innovation Network Corporation of Japan, metal stamping company Jochu Technology, 500 Startups and angel investor Scott McNealy.
Earlier that same year, the company also completed a $35,000 crowdfunding campaign.
Whill also secured $1.8m in a 2013 seed round that included Itochu Technology Ventures, the corporate venturing division of corporation Itochu. Mitsubishi UFJ, Vegas Tech Fund, 500 Startups, Sunbridge Global Ventures, Wingle and private investors also took part.
– Image courtesy of Whill