Verve Motion Secures $15M Funding After Exosuit Pilot

The Growing Exoskeleton Market

The market for exoskeletons and exosuits has experienced significant growth in recent years. This trend is logical, considering the two distinct, yet substantial, potential customer groups.

These technologies offer benefits to professions requiring physically demanding tasks, providing wearable assistance. Simultaneously, they present a promising solution for individuals facing mobility challenges.

Verve Motion's Focus on Industrial Workers

Established last year by a team originating from Conor Walsh’s research at Harvard’s Wyss Institute and the John A. Paulson School of Engineering and Applied Sciences, Verve Motion is currently concentrating on the industrial sector.

The prevalence of injuries in labor-intensive jobs is well-known, but the following statistics from the startup highlight the scale of the problem:

• The Bureau of Labor Statistics reports one million back injuries annually in U.S. workplaces.
• According to the United States Bone and Joint Initiative, over 260 million work days are lost each year due to back injury.
• Liberty Mutual Workplace Index 2018 estimates $14 billion in direct costs are incurred by U.S. employers annually.

Appealing to financial considerations can be as effective as appealing to ethical concerns. Regardless, Verve Motion has announced new funding following a seed round and a successful pilot program with ADUSA (Ahold Delhaize), a major grocery distribution company.

This initial funding arrived during the pandemic, a period when essential workers in the food supply chain were facing unprecedented physical strain.

Series A Funding and Future Plans

The company has now secured a $15 million Series A funding round, led by Construct Capital, with participation from existing investors including Founder Collective, Pillar VC, Safar Partners, and OUP.

Co-founder and CEO Ignacio Galiana stated in a press release, “This funding will accelerate the development of our solution and expand operations to meet the increasing demand, delivering our product to those workers who need it most.”

He further expressed gratitude for the support of the investors and welcomed Construct Capital as they work towards creating solutions for the future industrial workforce.

The SafeLift Exosuit

Verve Motion’s initial offering is the SafeLift, a soft, fabric-based exosuit.

This device is designed to adapt to the wearer’s movements and can reduce back strain by 30 to 40 percent.