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.
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.