Augsburg, Germany-based German Bionic, a robotic company, announced on Wednesday, December 21, that it has secured €15M in a venture debt loan from the European Investment Bank (EIB), backed by the European Union’s new InvestEU programme.
The German company says it will use the funds for its R&D activities.
German Bionic: What you need to know
Founded by Armin G. Schmidt, Dr. Michael Halbherr, and Dr. Peter Heiligensetzer, German Bionic is a German robotics company that develops and manufactures smart power suits.
Called Cray X, the suits help logistics and care workers perform physically strenuous tasks such as lifting and carrying heavy loads.
Cray X uses self-learning powered by Artificial Intelligence (AI) to support lifting movements and prevent poor posture.
In addition, the exoskeleton provides real-time ergonomic data during the working day to protect health and reduce the risk of accidents, thereby improving workflows.
The suit currently provides up to 30 kg of lifting support and is suitable for outdoor use.
“Our smart power suits protect workers performing hard manual labour daily 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. We see this as a positive for society and hope to build on this even further with our technology,” says Armin G. Schmidt, chief executive officer and co-founder of German Bionic.
Cray X was recently named the Best of Innovation in the Wearable Technologies category at the Consumer Electronics Show (CES) 2023.
The company has offices in Augsburg, Berlin, Boston, and Tokyo.
European Investment Bank: What you need to know
The European Investment Bank (EIB) is the long-term lending institution of the European Union, owned by its Member States.
The EIB’s key priorities are:
- Climate and the environment.
- Innovation and skills.
- Small and medium-sized enterprises.
- Infrastructure and cohesion.
“The EIB supports innovative and sustainable advanced technology developed and manufactured in the European Union. The project will help to consolidate Europe’s leading position in the industrial exoskeleton market in terms of technological competitiveness and commercial opportunities while preserving and creating highly skilled jobs. We are pleased to be supporting this European success story,” says EIB Vice-President Ambroise Fayolle, who is responsible for activities in Germany.
European Commissioner Paolo Gentiloni adds, “InvestEU is playing an important role across Europe in helping businesses access the finance they need for advanced research and development. This agreement is an excellent example of InvestEU channelling finance to support research that will allow Europe to maintain its position as a world leader in the development of innovative products with positive real-world applications.”