Shanghai-based robotic startup Fourier Intelligence has scored RMB 100 million (USD 15 million) in its Series C round led by Vision Plus Capital and joined by existing investor Qianhai Fund of Funds, a Shenzhen-based equity financing firm, the company announced via its WeChat account on Monday.
The company closed its Series B+ round, collecting tens of millions of yuan from sole investor Qianhai Fund of Funds in May, KrASIA reported.
Founded in 2015, Fourier sells physical rehabilitation equipment and robots to hospitals, rehabilitation centers, and research institutes. Their products include the ArmMotus, for arm rehabilitation from mobility-related injuries, WristMotus for wrists, and AnkleMotus for ankles. The robots, which have a market presence overseas as well, including in the US and Australia, shoulder part of human therapists’ work at a time when there is a supply gap of 300,000 therapists in China alone, according to the WeChat post.
The startup will use the funds to develop new rehabilitation robots to enrich its product lineup.
“Fourier’s goal is to improve 50,000 to 100,000 rehabilitation institutions to enhance their serving capability to benefit the elderly population of 250 million, and tens of thousands of injured individuals,” said Alex Gu Jie, founder and CEO of the company, according to the WeChat post.
The company has acquired Zhuhai RHK Healthcare, which builds rehabilitation departments for hospitals and trains staff to operate them, and counts 200 hospitals among its clients.
“In the past, China’s rehabilitation medical market was, to a large extent, sleeping,” said Tian Min, partner of Vision Plus Capital, “But as users’ needs are increasing and robotic technologies are improving, the Chinese rehabilitation sector is waking up, with a large market to imagine.”
Fourier predicted in the WeChat post that the rehabilitation market in China will reach RMB 100 billion (USD 15 billion) in the future, without offering a timetable.