ExoAtlet, a Russian startup that makes exoskeletons to help disabled people walk again, has raised $2 million in private investment and state grants in South Korea to develop activities in Asia.
The company aims to develop clinical trials on the local market, and to create a high-quality manufacturing base in South Korea to enter the markets in Asia and elsewhere.
“In terms of the development of rehabilitation technology, exoskeletons are the main trend in Asia right now,” said ExoAtlet CEO and founder Ekaterina Bereziy.
“They’re in demand as rehab equipment in clinics and rehab centers where people can train in them, like at gyms.”
ExoAtlet Asia had previously attracted some $1.2 million in private investment for its promotion in the region, the Skolkovo Foundation reports.
ExoAtlet recently obtained official certification to sell its exoskeletons in South Korea. A local subsidiary, ExoAtlet Asia, was registered October, and has hired a team of 10 people.
ExoAtlet’s Russian engineers travel to Korea regularly to oversee production and train their colleagues in assembling the exoskeletons.
This year, the company plans to produce 10 exoskeletons in Korea, with that figure soaring to 150 next year, and totaling 1,400 during the next five years.
Korea is the first foreign market where ExoAtlet has launched sales, but it does not plan to stop there.
“When we were obtaining certification in Korea, we made the product so that it would meet all certification requirements not only in Asia, but on European markets as well,” said Bereziy.
“The next stage will be undergoing certification in China, Japan and Singapore. Our aim is to obtain all the necessary certificates by 2019.”the international tech hub under completion on the outskirts of Moscow.
Bilateral tech ties
Several Korean funds began showing interest in the Russian market in the early 2010s— even though their deals in Russia, if there have been any, went largely unnoticed.
In 2016 RVC, Russia’s state-owned fund of funds for innovation, announced that it will open a representative office in Seoul. Encouraged by President Putin, RVC started cooperating with the South Koreans in 2014, involving Russian businesses, universities, technoparks, and clusters, as well as their South Korean counterparts.
Earlier this year, four South Korean startups arrived at Skolkovo, with plans to meet with potential partners and mentors in Russia.
Some Russian tech companies — including ABBYY LS, Prognoz and ASD Technologies — have a significant presence in Korea, partnering with giants like Samsung, LG Electronics and LG CNS, according to the Skolkovo Foundation.
