Wearable robotics startup Verve Motion snags $15M Series A
Successfully launches software-enabled "exosuits" to empower and protect workers
CAMBRIDGE, Mass., July 15, 2021 /PRNewswire/ -- Wearable robotics startup Verve Motion today announced it has raised $15 million in Series A funding, led by Construct Capital as well as follow-on investments from existing investors, Founder Collective, Pillar VC, Safar Partners, OUP, and a number of angel investors.
The company is pioneering a new class of connected wearable technology for the industrial sector by integrating robotics into functional apparel. Verve Motion launched in 2020 by a multidisciplinary team of experts in robotics, movement science and apparel design from the lab of Prof. Conor Walsh at Harvard's Wyss Institute and the John A. Paulson School of Engineering and Applied Sciences.
This round of funding comes after a highly successful pilot with ADUSA Supply Chain network, in which it rolled out its "exosuit" to essential grocery distribution employees to improve worker health and safety. It has been in stealth after raising their initial seed round at the height of the pandemic, and has now raised this new round to scale.
"Our mission is to advance worker safety and well-being by creating the next generation of wearable technology. This new round of funding will fuel the continued development of our solution and scale operations to meet the growing demand for our product in order to get it to the workers who need it most right now," said Ignacio Galiana, Co-founder and CEO of Verve Motion. "We are grateful for the support of this exceptional group of new and existing investors, and are thrilled to welcome Construct Capital as we create solutions for the industrial workforce of the future."
Verve Motion's inaugural product, called SafeLift, is a lightweight, software-enabled wearable solution that combines real-time movement sensing with robotic assistance, in a comfortable and ergonomic form factor to empower and protect industrial workers. SafeLift adapts to worker tasks, movement and speed and assists only when needed, reducing strain on a worker's back by 30 to 40 percent during a typical workday. Additionally, it has 12+ hours of battery life and doesn't require any complex integration. Beyond taking the strain off a worker's body, the technology is connected to the cloud and AI-enabled, for providing automated ergonomics analytics that give industrial leaders valuable insights to enhance the safety of their workforce.
"At Construct, we're especially interested in companies creating better systems to transform logistics and supply chains--including supporting workers who are the key to our economy--Verve Motion immediately stood out," said Dayna Grayson, Co-founder and General Partner at Construct Capital. "By connecting robotics and movement to a software system, they are laying the basis for how to improve worker experience in the industrial space, and we're excited to support them as they continue."
About Verve Motion
Verve Motion, Inc., launched in 2020 out of Harvard University with a mission to improve the limits of human performance and safety by pioneering the integration of robotics into functional apparel. Its first product is the world's first powered lightweight soft exosuit, which combines the power of a machine, the comfort of clothing and the ergonomics of elite sportswear. Partnering with supply chain, logistics, manufacturing and other industrial leaders in safety innovation, Verve is creating the next generation wearable solutions for the millions of workers that power our economy and society. For more information, visit www.vervemotion.com.
About Construct Capital
Construct Capital is an early stage focused venture capital fund which launched a debut $140m fund in early 2021. The firm was founded by Dayna Grayson (ex-NEA) and Rachel Holt (ex-Uber), who bring a combination of operating and investing experience from the earliest stages through massive scale. The fund invests in companies that are connecting, automating, and transforming foundational industries that power half of our country's GDP—such as logistics, manufacturing and transportation—using software based business models. The Construct Capital portfolio includes Copia, Tradeswell, Chef Robotics, Chargelab, and Hadrian. For more information, visit constructcap.com
SOURCE Verve Motion
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