|AlterG Bionic Leg--Courtesy of AlterG|
Rehabilitation specialist AlterG has wrapped up $15 million in debt to back its products that include a leg-worn motor assistance device AlterG Bionic Leg as well as a low-gravity treadmill. The financing comes during an ongoing renaissance for novel mobility assistance devices.
FDA cleared the first robotic exoskeleton, ReWalk, to be worn by paraplegics to enable greater mobility last year. And, more recently in June, another startup CyMedica got an $11.5 million financing to back another leg-worn rehabilitation device--but this one is based on neurostimulation to encourage muscle strengthening before and after knee surgery. In May, MIT spinout Myomo nabbed a $5 million Series B round for its robotic device to enable arm movement.
Like a full exoskeleton, the AlterG Bionic Leg also provides some robotic assistance to a patient's leg to enable standing, walking and using the stairs. The idea is to encourage a greater level of mobility, which will further strengthen muscles.
It's intended to be used for assisted rehabilitation therapy at home or in the clinic for patients recovering from stroke, orthopedic injury or surgery, incomplete spinal cord injury, or traumatic brain injury, as well as those with multiple sclerosis or general lower extremity weakness.
|Low-gravity treadmill--Courtesy of AlterG|
"Oxford is pleased to provide financing to AlterG, an innovative company that has created new technologies that help patients and athletes train, reduce injury and improve mobility," Christopher Herr, senior managing director for Oxford Finance, said in a statement. "We look forward to supporting the company's product development efforts and continued growth."
Another one of its products, the AlterG Anti-Gravity Treadmill, is designed to help injured, overweight, elderly or otherwise impaired users to walk or run with less stress on their body. It works by supporting their weight to varying degrees to remove some pressure to enable physical activity more easily.
"We have partnered with SVB and Oxford to finance several new initiatives at AlterG," said AlterG CEO Steve Basta. "The new investment capital will enable us to accelerate new product development, and to increase marketing support for our customers."
- here is the release