BERKELEY, Calif., Sept. 26, 2018 /PRNewswire/ -- suitX, a California-based robotics company specializing in the design and manufacturing of medical and industrial exoskeletons, announced that it has received investment from Wistron Corporation, as the lead investor in its series B fund-raising effort. The funds will be directed towards the product development and the expansion of global sales and marketing of suitX. This round of fundraising will continue and suitX invites additional investors to contribute towards the series B target required capital.
suitX is a robotics company that designs and manufactures industrial, rehabilitation and assistive exoskeletons. MAX, suitX's industrial exoskeletons, consist of three light-weight industrial modules. The modules enhance workers' productivity by reducing their muscle strain by as much as 60 percent while performing strenuous activities including lifting, stooping, bending and squatting. The benefits of the MAX exoskeletons have been recognized globally by over 150 well-established corporations. suitX's innovative Phoenix medical exoskeleton allows individuals with neurological and mobility disorders to be upright and mobile, whether rehabilitating in a hospital or at home. With its advanced control technology, Phoenix is designed to be lightweight, easy to use, versatile and affordable. The expected cost of Phoenix for consumers is targeted to be significantly lower than competing devices. suitX has recently completed all clinical studies in preparation for Phoenix's FDA submission.
"It's an honor to have Wistron corporation as our lead investor," said Dr. Kazerooni, CEO of suitX. "We are hoping that additional investors join this fast-growing company. We are on a mission to help people improve their quality of life."
suitX designs and manufactures affordable medical and industrial exoskeleton technologies to improve the lives of workers and people with gait impairment. suitX has received Series A investments, been awarded several U.S. government awards and won two Saint-Gobain NOVA Innovation Awards. suitX has also won the $1 million USD Top Prize in the UAE AI and Robotics for Good Competition. suitX is currently looking for prominent strategic partners and investors for global expansion.
About Wistron Corporation
Wistron Corporation is a Taiwan-based company principally engaged in the research and development, design, manufacture and sales of computer, communication and consumer electronic products. The company was founded in 2001 and is headquartered in Taipei, Taiwan.
backX substantially augments its wearer and reduces the forces and torques on a wearer's lower back region (L5/S1 disc) by an average of 60 percent while the wearer is stooping, lifting objects, bending or reaching.
legX is a knee exoskeleton that allows the wearer to squat repeatedly or for prolonged periods of time by reducing the knee joint and quadricep muscle forces.
shoulderX augments its wearer by reducing gravity-induced forces at the shoulder complex, enabling the wearer to perform chest to ceiling level tasks for longer durations and with less effort.
The PHOENIX Medical Exoskeleton is designed to help people with mobility disorders to be upright and mobile. Phoenix is considered an investigational device and currently not available in the United States.