Prosperity7 Ventures, the investment vehicle of Saudi Arabia’s largest state-run company has invested in Chinese medical rehabilitation robot firm Fourier Intelligence as part of the startup’s Series C+ funding round, Zawya reports citing the Chinese company.
“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.
Launched in 2015, Fourier Intelligence sells physical rehabilitation equipment and robots. It also has research and development R&D centers in Singapore, Chicago, Phoenix, Zurich, Melbourne, Madrid, Kobe and Kuala Lumpur.
With Aramco investment, the company will enter the Saudi market. “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.
Fourier Intelligence has products installed in more than 1,000 institutions and the company has a client base spanning across 50 countries. Research firm Markets and Markets expects global market for medical rehabilitation equipment to reach $16.6 billion by 2025, from $12.9 billion in 2020.