iWalk snagged $17 million in Series D funding, money the company will use to market its bionic ankle and develop new devices with its proprietary BiOM technology.
Gilde Healthcare Partners led the latest fundraising round, and the company closed a $15 million Series C last year, raising more than $50 million since its founding in 2006.
BiOM was developed at MIT and licensed to the company back in 2007, and iWalk has already staged a commercial launch for the BiOM ankle system, currently available in bionics centers and Department of Veterans Affairs clinics and through the Department of Defense. The device allows patients with limb loss to move at their natural gait by emulating calf muscles and Achilles tendons, iWalk says, and the company plans to expand its tech to other artificial limbs.
"This new round of funding signifies iWalk's unwavering commitment to developing and commercializing products that push the limits of personal bionics," CEO Tim McCarthy said in a statement. "Gilde Healthcare Partners joins our team of committed investors. With their financial support and partnership, we will build on the success of our BiOM ankle system and grow the organization to better support the global demand for our next generation of personal bionics products."
Last week, iWalk showcased the BiOM ankle system at the American Orthotic & Prosthetic Association National Assembly in Boston, and McCarthy said the company is seeking to expand the adoption of its device.
- read iWalk's release