Neurotech company CIONIC has raised an additional $12m in Series A extension financing for its Neural Sleeve.
The Series A financing now stands at $25m following the latest funding round.
Led by L Catterton, the round saw participation from an additional new investor THVC and all key investors. Furthermore, the company has collaborated with Enable Ventures.
Whitney Casey, an entrepreneur and venture partner, has joined CIONIC’s board of directors as part of L Catterton’s investment.
The funds will be used to expand the adoption of the Cionic Neural Sleeve to address the impaired mobility challenges of individuals with conditions like strokes, multiple sclerosis, cerebral palsy and other neurological disorders.
The Cionic Neural Sleeve can analyse and increase human movement, allowing the body to move with more freedom and control than with walkers, crutches, or wheelchairs.
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below formBy GlobalData
It integrates the diagnostic capabilities of a gait lab with the healing potential of functional electrical stimulation (FES) into a lightweight and wearable garment suitable for use in any setting.
CIONIC also intends to utilise the funds to expedite its product pipeline into new indications to address the full spectrum of human mobility.
It has obtained a licence to ship the Cionic Neural Sleeve in 45 US states, partnering with more than 400 prescribing institutions.
CIONIC founder and CEO Jeremiah Robison said: “Our partners recognise that we are building something truly unique and we are proud to work with organisations 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.”