The company said the funding will primarily be used for the commercialisation 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 elbows.
According to Aether, there are reportedly over 10 million amputees around the world and 80 per cent of them live in developing countries where the penetration of prosthesis is less than 10 per cent. India and China are considered the fastest-growing markets for prosthetics and orthotics in the Asia-Pacific region due to aging populations, growing awareness about new technology, and availability of funds. This is the market Aether seeks to address with its solutions.
INDIA DEAL MONITOR
Here are some prominent venture capital transactions in India between June 21 and June 24, 2020.
|Startup||Headquarter||Investment Size (USD)||Investment Stage||Lead Investor(s)||Other Investor(s)||Industry||Verticals|
|Aether Biomedical||Delhi||-||-||Chiratae Ventures||Joyance Partners, Sunfish Partners||Biotechnology||Robotics & Drones|
|91springboard||New Delhi||5.9 million||-||-||Freakout, Shinsei Bank of Japan (reported)||Real Estate Development & Operating Company||Real Estate Tech|
|Yulu Bikes Pvt Ltd||Bengaluru||3.9 million||Series A||Rocketship||-||Transportation Services||Ridesharing /Transport|
|High Street Essentials Pvt Ltd||Delhi||2.7 million||Pre-Series C||SAIF Partners, India Quotient||Abhishek Dalmia||Retail||-|
|MergerDomo||Noida||197,368||Seed||Nadir Godrej, MD, Godrej Industries||-||Financial Services||FinTech|
|Uvik Technologies||Bengaluru||-||-||Season Two Ventures||-||Financial Services||FinTech|
|Ambee||Bengaluru||-||-||Season Two Ventures||-||Consumer Products||CleanTech|
|Svast||California||-||-||Season Two Ventures||-||Healthcare Services||HealthTech|
|HiLabs||Meylan||-||-||Season Two Ventures||-||Healthcare IT||Big Data|