Saudi Aramco’s Prosperity7 Ventures backs Chinese robotics firm Fourier

RehabHub™. Source: Fourier Intelligence

Fourier Intelligence, a Chinese intelligent rehabilitation startup known for its robotic exoskeletons, has closed an extended Series C+ funding round led by Prosperity7 Ventures, the diversified growth fund of Aramco Venture.

Fourier raised “about tens of millions of US dollars” through the investment, a source with information of the deal told DealStreetAsia. The person, who declined to be named as the information is private, said that Fourier will soon initiate the fundraising work for its Series D round.

In a statement on Friday, the startup said that all proceeds from the extended Series C+ round will be used to finance its global market expansion and technological development as it aims to continue serving clinicians and neurological patients worldwide.

Founded in 2015 and named after French mathematician Joseph Fourier, the company develops robotic products to help people with physical disabilities caused by neurological impairment to regain movements. Besides its headquarters in Shanghai, the firm has set up R&D centres in Singapore, Chicago, Phoenix, Zürich, Melbourne, Madrid, Kobe, and Kuala Lumpur. Its products have been installed in over 1,000 institutions, serving customers spanning across 50 countries.

Prosperity7 Ventures, which is part of Aramco Ventures – a subsidiary of Saudi Arabian oil giant Aramco – is looking to support Fourier in bringing the firm’s technology and services to the region, according to the statement. A $1-billion investment platform launched in 2019, Prosperity7 Ventures primarily invests in “highly scalable” startups in the US and China markets.

The extended round came after Fourier closed an investment in March led by Shanghai Artificial Intelligence Industry Investment Fund, an AI-focused investment platform jointly created by Chinese state-owned companies Shanghai Guosheng Group and Lingang Group.

Zen Koh, co-Founder and group deputy CEO of Fourier Intelligence

In an earlier interview with DealStreetAsia, Fourier’s co-founder and group deputy CEO Zen Koh said that the firm was actively repositioning itself as a global company. Koh said that Fourier was also in preliminary discussions for an initial public offering (IPO). The IPO preparation work might start as early as the end of 2021, he added.

Globally, the market of rehabilitation equipment is estimated to grow to $16.6 billion by 2025 from $12.9 billion in 2020, representing a compound annual growth rate (CAGR) of 5.2%, according to statistics from MarketsandMarkets.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.