ExoAtlet, a Russian developer of medical exoskeletons, has raised $5m from Cosmo and Company Co., a South Korean firm, Firrma.ru reported.
The five-year-old start-up is reportedly planning to use the money to set up an EU-based company, ExoAtlet Global, which will start selling exoskeletons across the world. ExoAtlet wants to launch its U.S., Chinese and Japanese offices later this year already, with an Indian office to follow next year.
The EU subsidiary will be receiving exoskeletons from Russia where the company’s manufacturing hub will remain. It’s ExoAtlet Global that is expected to fund Russian-based operations.
Back in 2016, ExoAtlet and Cosmo and Company Co. established in South Korea a joint venture called ExoAtlet ASIA. Last summer the Korean partner invested $1.2m in the JV to help it expand in the Asian region. According to the Skolkovo Foundation, which helped the start-up at its early stage of development, ExoAtlet sold eight exoskeletons in its inaugural month of operation in Korea. This year, the start-up has plans to also launch sales in Singapore, Malaysia, Thailand and Vietnam.
At the end of last year the Russian and Korean partners also announced plans to launch a JV in Japan.
Cosmo and Company Co. operates primarily in the oil production and petrochemical sectors, and in retail/wholesale.