BEDFORD, Mass.--BionX™ Medical Technologies, Inc., a leader in the field of bionic prosthetic devices, announced today that it completed a Series E funding round. The most recent funding was led by ZGC Shiner Investment, a Beijing-based investor, along with the existing investors. BionX has raised $17 million so far in this round, proceeds of which will be used for commercial expansion in the U.S. and internationally, as well as product development.
“We here at Z-Park are deeply honored to invest in BionX. ZGC Shiner highly appreciates the outstanding management team, along with the world-leading products and technologies of BionX,” said Hao He, CEO of ZGC Shiner Investment. “We are very excited about our new partnership through this investment. We are also eager to witness the successful integration of BionX’s products into the Chinese market, benefiting the disabled population of China while advancing BionX to its next level.”
BionX plans to complete a total raise of $25 million in Series E financing by the end of Q1 2016.
“We’re pleased with the successful start to our Series E funding, which provides us with the resources to support our commercialization efforts,” said Dr. Charles S. Carignan, President and CEO of BionX. “Working with ZGC has been beneficial to BionX as they bring solid investment expertise and are a strategic partner for expansion in China, a market with enormous potential.”
The BiOM® Ankle, the company’s flagship product, is the only lower-limb prosthesis with powered propulsion for enhanced mobility. Only the BiOM Ankle provides power that emulates lost muscle function, control that mimics normal ankle movement and stability that automatically adjusts to any surface.
BionX is a leader in the field of prosthetic devices with their flagship product the BiOM Ankle, the only lower-limb prosthesis with powered propulsion for enhanced mobility. Privately held and headquartered in Bedford, Mass., BionX was originally founded in 2007 as iWalk by Dr. Hugh Herr, Director and Principal Investigator of the Biomechatronics Group of MIT’s Media Laboratory, and funded by leading investment firms including WFD Ventures, General Catalyst Partners, Sigma Partners, and Gilde Healthcare Partners. The company has also received funding and support from the U.S. Department of Veterans Affairs and the U.S. Army’s Telemedicine and Advanced Technology Research Center (TATRC).