Verve Motion, a startup specializing in developing robotic exosuits designed to assist workers in physically demanding tasks, has successfully raised $20 million in a Series B funding round. The funding was led by Cybernetix Ventures, with participation from Construct Capital, Pillar VC, OUP, and angel investors, including Frederic Kerrest, the co-founder of Okta.
Verve Motion plans to utilize the new capital to expand its market share and manufacturing efforts.
Key Points
Funding Details: The Series B round, bringing Verve’s total raised funds to $40 million, aims to support the company’s growth and enhance its exosuit technology for industrial applications.
Exosuit Technology: Verve Motion’s exosuits are designed to mitigate fatigue and injury risks for workers in environments like factories and warehouses. The wearable robotic technology is integrated into functional apparel and can be customized for different tasks and users.
Market Focus: Verve Motion sees applications for its exosuits in various industries, including retail and manufacturing. The technology is intended to address challenges related to overexertion, injuries, fatigue, productivity, and employee turnover in physically demanding work settings.
Sensors and Metrics: The exosuits are equipped with sensors that capture risky movements, such as excessive bending and twisting, in addition to productivity metrics like the number of lifts, hours in use, and weight offloaded.
Pilot Programs: Verve Motion has already sold around 1,000 exosuits and has initiated pilot programs with major chains, including Albertsons and Wegmans.
Challenges and Future Vision: While privacy concerns and long-term impacts of exosuit use are acknowledged, Verve Motion aims to create a safer and more efficient future for industrial workers. The company believes that as awareness of the advantages of soft exosuits grows, there will be a rapid transition toward integrating wearable robotic technology into everyday work attire.
Verve Motion’s focus on workplace safety and productivity through innovative exosuit technology aligns with the broader trend of incorporating robotics and automation in industrial settings.
