RIYADH: Prosperity7 Ventures, the venture capital arm of Saudi Aramco, has invested in Chinese medical rehabilitation robot firm Fourier Intelligence as part of the startup’s Series C+ funding round.
“All proceeds will go towards global market expansion and technological development, furthering the company’s mission to provide intelligent rehabilitation technologies to empower clinicians and neurological patients,” the Chinese company said in a Linkedin post.
As part of the investment, Prosperity7 Ventures will back the expansion of Fourier’s smart rehabilitation robotics into the Saudi market.
Founded in 2015, Shanghai-based Fourier Intelligence has research and development R&D centers in Singapore, Chicago, Phoenix, Zurich, Melbourne, Madrid, Kobe and Kuala Lumpur, and primarily sells physical rehabilitation equipment and robots.
Fourier products have been widely installed in more than 1,000 institutions and the company has a client base spanning across 50 countries.
“Fourier Intelligence is leading the way to next-generation rehabilitation. The ability to combine the power of AI analytics with precision robotics can achieve leaps in rehabilitation,” said Aysar Tayeb, executive managing director of Prosperity7.
The global market for medical rehabilitation equipment is projected to rise to $16.6 billion by 2025, from $12.9 billion in 2020, according to statistics from research firm MarketsandMarkets.