BRV China impressed with surging growth in China's robotics sector, highlights RoboCT as a best-in-class example of a new wave of globally competitive Chinese robotic technology
HONG KONG, April 12, 2022 /PRNewswire/ -- Hangzhou RoboCT Technology Development Co., Ltd., a global leading exoskeleton company, recently completed RMB100 million series A+ financing led by Fortune Capital and followed by Essence Securities, Poly Capital, and existing investor Blue Run Ventures China (BRV China). The new round of financing will be used to strengthen RoboCT's operational and commercialization capabilities and expand its global footprint.
RoboCT was the first firm in China to obtain the NMPA (National Medical Products Administration) registration certificate for lower-limb exoskeleton robots for central neuropathy (covering paraplegia, hemiplegia, cerebral palsy, etc.). Focusing on rehabilitation and elderly care, RoboCT began commercializing its technology as a UGO exoskeleton robot, which is now in use in more than 200 hospitals in China to help patients with spinal cord injury, stroke, lower limb muscle weakness or other nervous systems diseases to relearn gait supported by intention detection technology and multi-sensor information fusion technology to analyze, judge and respond to user intentions.
The total value of the global market for rehabilitation robots is estimated to exceed US$750 million this year. It is projected to grow exponentially and amount to US$1.8 billion by 2026 growing at a CAGR of 21.7%. With a 38.78% share in 2022, China is currently the second-biggest market in the global rehabilitation robot sector. China's rehabilitation robot market is forecast to grow by 23.2% each year and reach a total market size of US$268.7 million by 2026.
Jui Tan, Managing partner at BRV China, stated, "We believe in RoboCT's ability to transform rehabilitation and bring autonomy to people with reduced mobility. Along with the elderly population, rising incidence of physical debilitation holds the key to the growth of assistive robotics in China. The widespread use of exoskeleton robots is an inevitable trend in the future."
Wang Tian, Chief Executive Officer of RoboCT, adds, 'RoboCT's exoskeleton has received extremely positive feedback from patients and hospitals. We are honored that our dedication has been recognized by the industry and by top institutional investors who share our vision in the early stages of RoboCT's establishment. We are aware that we are shouldering a great social responsibility and believe we can become a top-tier company within the industry. In 2021, RoboCT successively obtained new product listing approvals for eight models in three categories. In the future, RoboCT will increase its investment in product, talent, technology and supply chain, enrich product matrix and work on building an open C-end consumer operation platform."
A longstanding bottleneck currently involves the high price for such robots. RoboCT is currently the only exoskeleton company with a mass production capacity in the industry and has produced more than 100,000 UGO exoskeleton robots thus far. Technological advances and the rise of domestic manufacturers in the space helped. One explanation for the rapid growth is cost reduction. With a strong and improving robot manufacturing supply chain with ever lower manufacturing costs and fast product iterations, RoboCT has a significant edge within the robotic industry when considering its focus area and competitive cost advantage.
"Robotics in China is at a tipping point," added Tan. "Last year, the robotics companies we invested in were still in the small-batch trial stage. What surprises us was how many have entered the large-volume landing stage within 12 months. Supply simply cannot keep up with demand."
In addition, RoboCT's innovative "Robot as a Service (RaaS)" business model combined with the use of the digital rehabilitation cloud platform promises to substantially reduce the work intensity of therapists and can improve the efficiency of rehabilitation training.
"BRV China is optimistic about RoboCT's potential to shape the future of exoskeleton not only due to its capability in realizing industry-leading technology but also its subversive cost structure brought on by a closed-loop technology system," concluded Tan. RoboCT's exoskeleton shows potential of possibly becoming an advanced human-machine interface supporting the manipulation across both real and virtual worlds and can play a role in robotic automation, healthcare, and other training-related applications."
About BRV China
BlueRun Ventures China (BRV China) is a leading early-stage venture firm in China with offices in Beijing and Shanghai. Having its heritage in Silicon Valley since 1998 and entered China in 2005, BRV China has managed over $1.5 billion through multiple USD and RMB funds, with over $1 billion cash distributions. BRV China focuses on investing in entrepreneurs who create a sustainable impact through technological innovations across enterprise services, transportation and smart machine, digital healthcare, and consumer technology sectors in China. The firm has invested in more than 150 portfolio companies, including Li Auto (NASDAQ: LI), QingCloud (688316.SH), WaterDrop (NYSE: WDH), Energy Monster (NASDAQ: EM), Mogujie/Meilishuo (NYSE: MOGU), Qudian (NYSE: QD), Ganji/58.com, PPTV, Guazi, Meishubao, Nanyan, Shanzhen, Gaussian Robotics, Yi Auto, Pinecone, etc. The firm has been recognized as the "No.1 Early-Stage Investment Firm" in China by Zero2IPO and ChinaVenture, and "Consistent Performing Venture Capital Fund Manager" by Preqin. For further information, please visit https://www.brv.com.cn/en/.
About RoboCT
Hangzhou RoboCT Technological Development Co.,Ltd. is dedicated to providing the disabled, the elderly and medical rehabilitation institutes with intelligent rehabilitation devices, rehabilitation assistance and smart solutions through by combining Artificial Intelligence and robotic technology with data analysis and cloud computing. It also involves the research and product development of exoskeleton technology in several fields such as entertainment, industry and sports. RoboCT has applied for over 100 intellectual IPRS and has received more than 20 awards across different fields. RoboCT was the first in China to obtain the NMPA (National Medical Products Administration) registration certificate for lower-limb exoskeleton robots for central neuropathy. For further information, please visit https://www.roboct-global.com/.
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