US-based Verve Motion, a spin-out from Harvard University, is raising $20 million from investors. It wants to use the money to scale up its operations faster and increase the embrace of its exosuit.
Verve Motion is the developer of the SafeLift exosuit. This is a soft and lightweight exoskeleton that users wear like a backpack. The exoskeleton relieves the strain workers experience when lifting objects such as boxes or components. To this end, SafeLift provides 240N of force during lifting movements.
The company was founded in 2020 and previously received support from the Defence Advanced Research Projects Agency (DARPA), National Science Foundation and National Institutes of Health in the United States (US), among others.
Relieve users from lifting motions
Among other things, the exoskeleton increases safety for workers in the workplace. For instance, SafeLift reduces work-related injuries by up to 80%, according to Verve Motion. This is because the suit takes over 40% of the load from users with every lifting movement, who experience less physical strain as a result.
The lower rate of work-related injuries also translates into lower insurance rates for companies. Verve Motion also claims that SafeLift can improve productivity in a facility by more than 5%.
Up to 12 hours of use without charging
The suit runs on electricity stored in an 88kWh battery. This allows for 10 to 12 hours of work without having to recharge in between. The exosuit is suitable for users with a variety of physiques due to the ability to adjust the suit. This enables sizes from XS to XXL.
The SafeLift exosuit is wirelessly networked. Among other things, the suit transmits information about users' movements, which allows it to analyse these movements. It is also possible to tailor the suit's operation to specific users or activities.
Aimed at wide range of applications
The suit was initially developed for use in distribution centres and warehouses. However, Verve Motion is now also targeting applications in various other sectors. These include construction, manufacturing and logistics, as well as baggage handling at airports, for example. Other examples are shops and supermarkets. Customers of Verve Motion include UPS, Ahold Delhaize and Giant.
In its latest investment round, Verve Motion raises $20 million from investors. In total, investors thus already put $40 million into the Harvard University spin-out. Investment firms Safar Partners, Cybernetix Ventures, Construct Capital, Pillar VC and OUP, among others, are putting money into the company.
Frederic Kerrest (vice chairman and co-founder of Identity & Access Management company Okta) and John McEleney (co-founder of 3D CAD company Onshape and former CEO of SolidWorks) are also investing in Verve Motion.
Author: Wouter Hoeffnagel
Image: Verve Motion
