German Bionic closes a $20M Series A round led by Samsung Catalyst Fund
German Bionic has raised a $20 million Series A investment led by Samsung Catalyst Fund and Munich-based MIG, with participation from US investors like Storm Ventures and Benhamou Global Ventures, and Japanese VC firm IT Farm.
Located in Augsburg, Berlin and Tokyo, German Bionic is the European manufacturer that develops and produces exoskeletons for use in industrial production, as well as related software solutions. Its smart Cray X power suit combines human intelligence with machine power by actively supporting or enhancing the wearer’s movements, thereby reducing the risk of workplace accidents and strain-related illnesses.
The suit is coupled with IO cloud robotics platform, which delivers real-time data to provide the basis for machine learning and derives valuable KPIs for the users, while also enabling remote maintenance as well as over-the-air software updates.
“With our groundbreaking robotic technology that combines human work with the industrial Internet of Things (IIoT), 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,” Armin G. Schmidt, CEO of German Bionic, told.
According to the company, it is planning to invest the proceeds in expanding market and technology leadership for connected exoskeletons, as well as in further developing its cloud robotics platform.