The global exoskeleton market was valued at USD 218 million in 2020 and is expected to expand at a compound annual growth rate (CAGR) of 20.5% through 2028. Zurich base Auxivo takes a portion of this market with its LiftSuit and CarrySuit exoskeletons. Designed for workers in logistics, distribution or warehouses that are lifting or carrying heavy loads as part of their daily job.
The LiftSuit acts as a set of additional external muscles to unload the back and hip muscles while lifting and working in a forward-leaning position, and it has integrated textile springs (muscles) that store energy used to support the user.The CarrySuit on the other hand, makes holding and carrying heavy loads easy. It consists of a rigid exoskeleton frame, spanning from the user’s hip to above the shoulders, which helps to reduce the load on the hands, arms, shoulders and back when carrying or holding heavy loads.
Thanks to its success in the European markets, Auxivo seeks to spread further within Europe and into new markets such as Asia and North America during the coming months and to launch additional occupational exoskeletons.
These plans are enabled by the startup’s latest investment secured in its seed extension round with new and existing investors. Serpentine Ventures, the ETH Foundation and SpanSet Inter AG (Holding) participated in the round. “As we already have significant revenues, it is a complementary financing aspect to our revenues through sales”, said Volker Berchtold, CEO of Auxivo.
(RAN)