AUGSBURG, Germany— German Bionic, the global market leader for robotic exoskeletons, today announced it has closed US $20 million in Series A financing. The round was led by Samsung Catalyst Fund and MIG AG with participation from Storm Ventures, Benhamou Global Ventures, and IT Farm. The financing round will enable German Bionic to expand its market and technology leadership for connected exoskeletons as well as ramp up development of its unique cloud robotics platform.
German Bionic’s Cray X is the world’s first connected exoskeleton for industrial use. By connecting it to any Smart Factory, the suit helps to boost worker productivity as well as health and safety. The smart, self-learning power suit reinforces lifting movements and prevents improper exertion and excessive strain, thus reducing the risk of developing musculoskeletal disorders in the lower back. Based on data, the Cray X is also proven to reduce the risk of accidents while simultaneously increasing worker efficiency and productivity significantly. Leading analysts estimate the global market for exoskeletons will grow to over US $20 billion by 2030.
“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,” says Armin G. Schmidt, CEO of German Bionic. “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.”
“We are pleased to support German Bionic in its continued development of world-leading exoskeleton technology,” says Young Sohn, Corporate President and Chief Strategy Officer for Samsung Electronics and Chairman of the Board, Harman. “Exoskeleton technologies have great promise in enhancing human’s health, wellbeing and productivity. We believe that it can be a transformative technology with mass market potential.”
“Previously, efficiency gains and health promotion in manual labor were often at odds with one another. German Bionic managed to not only break through this paradigm, but also to make manual labor a part of the digital transformation and elegantly integrate it into the smart factory,” says Michael Motschmann, Managing Partner with MIG AG. “We see immense potential with the company and are particularly happy to be working together with a first-class team of experienced entrepreneurs and engineers.”
