The tech sector may be in a slump right now when it comes to public markets, but B.C. high-tech companies are still attracting private venture capital, including a robotics company that makes exoskeletons that can help people with physical disabilities.
Human In Motion Robotics (HMR) has raised $10 million in Series A financing, led by South Korea’s Beno Holdings.
"The investment marks a major milestone for HMR, providing substantial resources to accelerate research and development efforts, expand production capabilities, and drive market penetration,” said HMR co-founder and CEO Siamak Arzanpour.
"This strategic partnership brings together the expertise, networks, and resources of both companies, fostering synergies that will further enhance the advancement and commercialization of cutting-edge robotics solutions."
HMR developed two variations of exoskeletons, which they call the XoMotion. One helps people in wheelchairs walk without assistance. The other can be used to help with physical rehabilitation.
The XoMotion exoskeletons run on batteries that last four hours and weigh in at 70 kilograms.
Edward Park, co-founder and COO at HMR, said the Series A funding will help the company accelerate its commercialization.
"This collaboration represents a major leap forward in our journey to revolutionize exoskeleton technology," he said.
-- With files from Tyler Orton