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Ekso Bionics raises $34 million in funding for exoskeleton plans

Ekso Bionics, a developer of exoskeleton technology for medical and industrial use, has raised $34 million in its latest share issue.

Many of the new shares were purchased by Puissance Capital.

Exoskeletons are predicted to find markets in the health sector as well as industries such as construction, or anywhere where there may be physical work involved.

Ekso says it intends to use the net proceeds from the rights offering in the following ways:

  • to continue with clinical, sales and marketing initiatives to accelerate adoption of Ekso in the rehabilitation market and broaden the Ekso footprint into Asia;
  • to support research, development and commercialization activities with respect to an Ekso robotic exoskeleton for home use; and
  • in the development and commercialization of able-bodied exoskeletons for industrial use, and for working capital and other general corporate purposes.

Thomas Looby, president and CEO of Ekso Bionics, says: “We believe that this financing reflects growing excitement within the investment community for the potential of our products and technologies.

“The capital raised through this financing will provide us with additional resources to further advance the adoption and development of our innovative exoskeleton solutions in both the rehabilitation and industrial verticals.

“We are pleased to have Puissance Capital as a new investor as they share our vision for innovating products that will establish a new industry and will help us develop our presence in Asia.”