NEW DELHI: Venture capital fund Chiratae Ventures on Wednesday announced seed investment in a medical robotics company Aether Biomedical. The amount of the funding was not disclosed.
Other investors in the round include Joyance partners and Sunfish partners.
The company said the funding will primarily be used for the commercialization 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 prosthetic elbows.
Aether Biomedical, founded by Dhruv Agrawal and Faith Jiwakhan, claims that Zeus is a low-cost, high efficacy product aimed to create data-driven rehabilitation accessible and more robust. Their state-of-the-art product offers one of the highest grip forces in the market and is priced at a much affordable rate to bring a larger set of amputees under their purview.
There are reportedly more than 10 million amputees around the world, 80% of them living in developing countries where the penetration of prosthesis is less than 10%. India and China are considered the fastest growing markets for prosthetics in the Asia Pacific region due to increasing aging populations, growing awareness about new technology, and the availability of funds. This is the gap Aether aims to bridge by bringing new age, scalable, insight-driven solutions. Its top markets include developing regions like India and other countries in the Asia Pacific region.
“Building at the intersection of robotics, mechatronics, research, insights & innovation we hope our solutions help 10 M+ amputees globally live better lives & re-invent medical tech," said Dhruv Agrawal, founder and CEO, Aether Biomedical.
The investment is part of Chiratae’s DeepTech Innovators Program which is in its sixth edition.
“We see deep-tech playing a pivotal role in shaping scalable solutions across verticals. As technology evolves so does the benchmark for innovation, Aether & its team is a great example of that," said Sudhir Sethi, founder & chairman, Chiratae Ventures.