iWalk has closed a private series D equity financing round of USD17m led by new investor Gilde Healthcare Partners.
Geoff Pardo, partner at Gilde Healthcare Partners, has joined the company’s board of directors.
Existing investors, including WFD Ventures, General Catalyst Partners, and Sigma Partners also participated in the financing round.
“The promise and potential of personal bionics is endless and iWalk is well positioned to push this growing market to new, exciting places well beyond traditional orthotics and prosthetic devices,” says Pardo. “We led this investment round because we truly believe that iWalk has the right mix of unique products already on the market, a strong IP portfolio and proven leadership to be very successful and ultimately help improve the quality of life for millions of people around the world.”
iWalk will primarily use the funding to further develop and commercialise a series of innovative personal bionics products and expand the company’s global sales and support infrastructure. The company’s solutions are currently available domestically through a vast network of Certified Bionics Centers, VA Medical Centers and the Department of Defense.
iWalk’s proprietary BiOM technology enables natural, normalised and personalised movements for those with ambulatory limitations. People with limb loss and soon, other types of mobility limitations, can use BiOM solutions to return to work and other important daily activities faster than ever before. The first commercially-available solution, the BiOM Ankle System, emulates an individual’s calf muscles and Achilles tendon function to provide powered plantar flexion, which helps people with limb loss move with a natural gait at their chosen speed using the same metabolic energy as a non-amputee.
“This new round of funding signifies iWalk’s unwavering commitment to developing and commercializing products that push the limits of Personal Bionics,” says Tim McCarthy, chief executive of iWalk. “Gilde Healthcare Partners joins our team of committed investors. With their financial support and partnership, we will build on the success of our BiOM Ankle System and grow the organisation to better support the global demand for our next generation of personal bionics products.”