Japanese Firm Invests in Israeli Technology for Paraplegics
Author: calcalist Posted October 2, 2013
Argo Medical Technologies, founded by Dr. Amit Goffer, is developing the ReWalk system, which enables people with lower-limb disabilities and paraplegics to walk, has signed a strategic partnership agreement with the Japanese Yaskawa Electric Corp. As part of the collaboration, the Japanese corporation will make a significant investment in the Israeli company, and also serve as the exclusive distributor for the ReWalk system in Japan and China, and provide services to customers in Singapore, Thailand, Taiwan and Korea.
The investment, which according to the company is the largest it has raised to date, will allow Argo to further develop its technology and support company growth. The two companies declined to disclose the scope of the investment.
The main product developed by the Israeli company, ReWalk, is an exoskeleton suit, which enables the wearer to stand and walk independently, without assistance. Argo Medical Technologies was founded by Goffer, a quadriplegic himself, who was looking for a solution for his own disability.
According to Jeff Dykan, chairman of Argo and managing partner with the venture capital firm Vitalife, it is exciting to see how the company has evolved from the vision of its founder, who started Argo inspired by his own personal experience and turned it into a leader in its field. The agreement just signed will enable the company to expand globally.
“The robotic capabilities developed by Argo can potentially change the world of rehabilitation and life sciences. Our capabilities in this field may be coupled with Argo’s capabilities and improve the quality of life of people [around the world],” says Yaskawa CEO Junji Tsuda.
Argo Medical Technologies was founded in 2001 and currently has some 50 employees in Israel and abroad. Argo’s investor group includes Vitalife, a venture capital firm focused on life science, the Israeli venture capital fund ProSeed and others.
Read More: http://www.al-monitor.com/pulse/business/2013/10/yaskawa-argo-cooperation-paraplegics.html