SAN FRANCISCO– CIONIC, the pioneering neurotech company that created the FDA-cleared Cionic Neural Sleeve, today announced an additional $12 million extension of its Series A financing, bringing the Series A total to $25 million. The round was led by L Catterton, a leading consumer-focused investment firm, and joined by an additional new investor THVC, as well as all major investors. Additionally, CIONIC has also partnered with Enable Ventures, the first impact venture fund dedicated to closing the disability wealth gap while achieving competitive, market-rate returns.
As part of L Catterton’s investment, Venture Partner and experienced entrepreneur Whitney Casey has joined CIONIC’s Board of Directors.
“Transformative technologies are powering a new category of consumer medical devices that assist anywhere it is needed, and at any time,” said Whitney Casey, Venture Partner at L Catterton. “We have seen how CIONIC’s unique bionic clothing has already transformed the lives of those living with mobility impairments, and with the growing consumer interest in wearable health technology, CIONIC’s platform has the potential to change the trajectory of personalized healthcare, and clothing, as we know it.”
Funds from the Series A extension will be used to grow user and clinician adoption of the Cionic Neural Sleeve among the millions of individuals experiencing impaired mobility as a result of multiple sclerosis, strokes, cerebral palsy, and other neurological conditions. CIONIC will also use the funds to accelerate the company’s product pipeline into new indications addressing the full spectrum of human mobility. Powering this roadmap is continued investment in CIONIC’s wearable neuromodulation platform.
CIONIC has doubled its headcount in the past six months and established a state-of-the-art manufacturing facility in Northern California. The company is now licensed to ship the Cionic Neural Sleeve to 45 states in the US, with over 400 prescribing institutions. Since the start of shipments in early 2023, CIONIC customers have already clocked over 200,000 hours of use.
“There is a revolution underway in healthcare and with it a growing demand for brands that provide not only high-quality care where and when it is needed, but that are also capable of measuring progress and proving outcomes,” said Jeremiah Robison, Founder & CEO of CIONIC. “Our partners recognize that we are building something truly unique, and we are proud to work with organizations who share not only our vision for the future of healthcare, but whose deep expertise in brand building, healthcare transformation, and disability advocacy will help us accelerate the timeline for making this vision a reality.”
“The confluence of rising societal expectations of people with disabilities plus technological innovation that is driving systems change, and significant capital earmarked for DEI makes this moment the ideal time to pursue this profoundly underserved market,” said Regina “Gina” Kline, Founder and Managing Partner at Enable Ventures. “Throughout history, disability has served as a catalyst for innovation and CIONIC is a leading example. In helping his daughter, Jeremiah has addressed the mobility needs of more than 35 million people in the United States alone and has unlocked the potential of bionic clothing. Enable seeks to support enterprises like CIONIC which truly represents the intersection of disability and epic technology.”
These new partners complement CIONIC’s unique approach to market. L Catterton is a leading consumer-focused investment firm with an extensive track record of accelerating the growth of popular brands across all categories. THVC invests in companies that are transforming the landscape of healthcare today. Enable Ventures partners with early-stage companies that leverage disability as an asset to unleash untapped economic potential through products and services powered by universal design. Together, these partners understand that one of the biggest consumer decisions going forward will be healthcare, and as the market continues to shift toward patient-reported outcomes, the ability to not only deliver telehealth-native solutions anywhere at any time but also to measure effectiveness, will be critical. (IANS)
