Venture capital firm Chiratae Ventures Wednesday announced that it has made a seed investment in medical robotics company Aether Biomedical. Financial terms were not disclosed.
Other investors who participated in the round include Joyance Partners and Sunfish Partners, per a company statement.
The company said the funding will primarily be used for the commercialisation of its first product Zeus, a multi-functional hand bionic prosthesis, across India and Europe. The company also aims to continue its research and development efforts by building the next generation of the bionic limb and building accessory products like prosthetic wrists and elbows.
According to Aether, there are reportedly over 10 million amputees around the world and 80 per cent of them live in developing countries where the penetration of prosthesis is less than 10 per cent. India and China are considered the fastest-growing markets for prosthetics and orthotics in the Asia-Pacific region due to aging populations, growing awareness about new technology, and availability of funds. This is the market Aether seeks to address with its solutions.
INDIA DEAL MONITOR
Here are some prominent venture capital transactions in India between June 21 and June 24, 2020.
