German Bionic, a startup working on AI-powered robotic exoskeletons and other smart wearable devices, has raised €15 million of venture debt.
It's been confirmed the Augsburg, Germany-based company is receiving loan funding from the European Investment Bank.
This non-dilutive funding option, which comes with support from the EU's InvestEU guarantee programme, is set to sustain the runway for German Bionic's AI-driven exosuits which enable logistics and careworkers to "perform physically strenuous tasks."
In optimal conditions, the exosuits can pick up physical goods weighing up to 30 kilogrammes.
The technology was named as a Best of Innovation product for the forthcoming Consumer Electronics Show in the US. Further product innovations are expected to be announced in early 2023.
Armin Schmidt, CEO and co-founder of German Bionic, said: "Our smart power suits protect workers performing hard manual labour on a daily basis to complete critical tasks from exhaustion and accidents.
"They provide mechanical support for lifting and carrying and use a smart assistance system to warn users if they are lifting incorrectly or if they should take a break.
"This leads to less time off work as a result of exhaustion or illness, happier employees and better results."