Central regions | Finance, business | Technology & innovation

Koreans invest in Russian exoskeletons

2 Apr '18
ExoAtlet, a Russian developer of medical exoskeletons, has raised $5m from Cosmo and Company Co., a South Korean firm, Firrma.ru reported.

The five-year-old start-up is reportedly planning to use the money to set up an EU-based company, ExoAtlet Global, which will start selling exoskeletons across the world. ExoAtlet wants to launch its U.S., Chinese and Japanese offices later this year already, with an Indian office to follow next year.

The EU subsidiary will be receiving exoskeletons from Russia where the companys manufacturing hub will remain. Its ExoAtlet Global that is expected to fund Russian-based operations.

Back in 2016, ExoAtlet and Cosmo and Company Co. established in South Korea a joint venture called ExoAtlet ASIA. Last summer the Korean partner invested $1.2m in the JV to help it expand in the Asian region. According to the Skolkovo Foundation, which helped the start-up at its early stage of development, ExoAtlet sold eight exoskeletons in its inaugural month of operation in Korea. This year, the start-up has plans to also launch sales in Singapore, Malaysia, Thailand and Vietnam.

At the end of last year the Russian and Korean partners also announced plans to launch a JV in Japan.

Cosmo and Company Co. operates primarily in the oil production and petrochemical sectors, and in retail/wholesale.
Publish in Twitter
Write to Facebook
Google Buzz
Write to LiveJournal
Show in MM
Share MK
COMMENT ON THIS STORY
Find Related Content

Locations:

Tags: exoskeleton (8) / ExoAtlet (3) / ExoAtlet Global (0) / Cosmo and Company Co (0) /

Latest News: Central regions
25 Apr '18 | Technology & innovation | Finance, business
24 Apr '18 | Retail, FMCG | Finance, business
23 Apr '18 | Finance, business | Technology & innovation
18 Apr '18 | Technology & innovation
17 Apr '18 | Finance, business | Retail, FMCG
 

Feature stories

3 Apr '18
In regions most of European Russians will hardly ever...
21 Nov '17
Russian scientists have come up with what they say is...
7 Sep '17
Search (News archive - 21230)
Advertising
gcvsymposium
Advertising
Independent Software Developers Forum
Advertising
Marchmont News

Latest News

25 Apr '18
Russia is stepping up support for developers of IT...
24 Apr '18
The French hypermarket chain Leroy Merlin operating...
23 Apr '18
Two experienced Russian companies, MTT and...

Most read stories from last week

25 Apr '18
Russia is stepping up support for developers of IT...
24 Apr '18
The French hypermarket chain Leroy Merlin operating...