ReWalk Robotics Ltd. said it secured a $20 million investment from Timwell Corp. Ltd.
The Hong Kong-based investor is funneling funds as part of an attempt to commercialize the robotic exoskeleton maker's products in China, including Hong Kong and Macau.
ReWalk sells battery-powered wearable exoskeletons with motors at the hip and knee joints that make walking easier for patients with a lower limb disability.
Timwell would buy 16 million ReWalk ordinary shares at $1.25 per share as part of the investment, which involves forming a joint venture as well as a license and supply deal.
The venture will initially focus on selling ReWalk's Restore soft-suit exoskeleton for stroke patients to be used in clinics, followed by its spinal cord injury products for personal and clinical use.
As part of the three-tranche investment, Timwell will also appoint a director on the ReWalk board.
