BionX said yesterday it pulled in $17 million in a Series E funding round, looking to bring in an additional $8 million by the end of the 1st quarter of 2016 to support its Biom powered ankle prosthesis.
The round was led by Beijing-based investor ZGC Shiner Investment and joined by existing investors, according to the company. Funds from the round are slated to go towards U.S. and international commercial expansion and product development.
“We here at Z-Park are deeply honored to invest in BionX. ZGC Shiner highly appreciates the outstanding management team, along with the world-leading products and technologies of BionX. We are very excited about our new partnership through this investment. We are also eager to witness the successful integration of BionX’s products into the Chinese market, benefiting the disabled population of China while advancing BionX to its next level,” ZGC Shiner Investment CEO Hao He said in a press release.
BionX, previously known as BiOM (which was formerly known as iWalk), touts the Biom prosthesis as the only commercially available mechatronic ankle with “powered propulsion.”
It’s designed to use computer processors to adjust the ankle’s stiffness and propulsive torque to emulate natural muscle function. The company was founded by MIT robotics guru Hugh Herr.
“We’re pleased with the successful start to our Series E funding, which provides us with the resources to support our commercialization efforts. Working with ZGC has been beneficial to BionX as they bring solid investment expertise and are a strategic partner for expansion in China, a market with enormous potential,” CEO Dr. Charles Carignan said in prepared remarks.
