California based robotics firm ROAM, the firm which builds robotic exoskeletons has announced a fundraising of $12 million. The round, a Series A financing was led by Yamaha Motors. The investment round which takes the total money raised by the firm to $15 million also saw participation from a few other backers as well that includes Boost VC, Heuristics Capital Partners, Menlo Ventures, R7 Partners, Spero Ventures, Valor Equity Partners and Venture Investment Associates. Amish Parashar, a partner at Yamaha and Spero general partner Shripriya Mahesh will be joining the board of directors of ROAM as part of the deal.
The firm was started in late 2013 by Tim Swift, the firm uses “high-strength” fabrics and air power to reduce the overall cost and weight of exoskeleton technology. It had launched Otherlab, a collection of inventors and scientists who were working together on various robotics projects in renewable energy, robotics, transportation, manufacturing, digital and educational segment.
Swift, the founder, and CEO of the firm talking about the firm said, “Roam exists to change the boundaries of human mobility. That boundary is different for every person, but they exist for everyone. Whether you are an Olympian, an everyday athlete, or looking to regain lost mobility, we want to power you beyond what your body currently makes possible.”
Amish Parashar, Partner at Yamaha Motor Ventures' was excited to be joining hands with the firm. “Roam is creating an exciting new category of products that enhance human capabilities. By making these robotic exoskeletons affordable, scalable, and powerful Roam has removed the biggest barriers to widespread adoption. We envision these products will one day be commonly used to create new thrilling experiences and support human mobility," Parashar said.
Image Courtesy : roam robotics