Cambridge firm lands $20 million
August 29, 2009 by Elad Bushari · Leave a Comment
CAMBRIDGE – iWalk Inc. has received $20 million of a $21 million Series B round to fund development of a self-contained robotic prosthetic ankle, the company has confirmed.
The funding comes from Cambridge, Mass.-based General Catalyst Partners and New York-based WFD Ventures LLC, according to regulatory documents posted by the U.S. Securities and Exchange Commission this morning.
“IWalk is developing the world’s first robotic ankle for enabling amputees to walk faster with less effort on all terrain types,” said Richard Casler, iWalk’s chief technology officer. The company was founded in 2006 by Massachusetts Institute of Technology Media Lab professor Hugh Herr, a bilateral amputee himself.
The Cambridge company has licensed technology from MIT, according to its Web site.
The latest round brings the company’s total funding to over $23.7 million. Casler said the company will invest the funds in new product development, hiring an engineering team.
He declined to provide further details, saying the company is planning a formal announcement in about a month.
General Catalyst’s John Simon and WFD’s William Doyle hold seats on the company’s board, according to the SEC documents.
the Broker of Bushari Group Real Estate, a boutique luxury real estate firm specializing in the metro Boston area, Cambridge and Brookline. Elad believes in superb customer service and strives to exceed expectations at every opportunity. Elad was one of the top 30 brokers in the nation under 30 years old (Realtor Magazine, June 2009) and one of the top 25 Real Estate Agents in the metro Boston area in 2008 (according to MLS PIN). In his free time, Elad enjoys snowboarding, scuba diving and is an avid world traveler. Elad can be reached at (617) 529-7079.
