14 sep, 2018

Bioservo Technologies awarded Euro 2.3 million grant from EU

Bioservo's unique state-of-the-art SEM^™ technology has been awarded a substantial grant from the European Commission's Horizon 2020 SME instrument programme. Thanks to its disruptive innovative technology supporting people in need of extra strength and endurance to prevent, rehabilitate and to increase efficiency, Bioservo will receive financial support consisting of Euro 2.3 million over a two-year period, for continued development of its soft robotics glove.

Bioservo has been awarded a €2.3 million grant by the European Commission in the hyper-competitive Horizon 2020 SME instrument programme. Over 2100 applications were submitted to this funding round of the SME instrument and only 62 projects were selected by the European Commission. The received funding will support the continued development of Bioservo’s soft robotics glove in different versions for professional use over the next two years, aimed for both hand injury prevention and for rehabilitation.

“We are very happy to receive this grant, given the fierce competition. It will contribute to the continued development of our soft robotics glove when it comes to both technical capabilities of the device and the medical function. The funding will also back the development of large-scale production processes with necessary tools and maturing our business model for further growth. Furthermore, it will enable us to extend device certifications”, says Erik Landgren, CEO of Bioservo.

Bioservo will develop the next-generation of its robotics glove towards the professional segment for people who perform intense manual labour. In addition, it is also suitable for people who want to reduce the risk of occupational injuries related to manual tasks at work as well as towards the healthcare segment for people with hand related problems. The next-generation gloves are based on a modular and open platform that can be adopted to further develop different product variants tailored for different markets and different needs, optimized for volume production. The glove is going to have a slim design, the same look and feel as a regular glove, and will be based on Carbonhand®, Bioservo's existing soft robotics glove.

The winning proposal was jointly developed by Bioservo and Zaz Ventures, a specialized consultancy firm offering Horizon 2020 grant proposal on a no win no pay basis. Xavier Aubry, managing partner of Zaz Ventures, says “We have been supporters of Bioservo since 2013 and are excited to see them joining the Champions League of European SMEs. They are a perfect example of what the recently formed European Innovation Council aims to fund: market-creating, breakthrough innovation with significant societal impact. Bioservo has the potential to revolutionize the soft robotics market and to become one of the European leaders in this segment “.

This press release contains such information that Bioservo Technologies AB (publ) is required to publish in accordance with the EU Market Abuse Regulation. The information was published for public disclosure on April 03, 2018, at 15:30 CET through the agency of the contact persons set out below.

Bioservo Technologies in short

Bioservo Technologies (publ) is a technology and development company that combines medical science with modern robotics. The company has a leading global position within soft exoskeleton technology, wearable non-invasive products, for people in need of extra power to support the body's endurance and performance, or for people with reduced muscular strength.

After many years of research and development, Bioservo Technologies now focuses on the commercialization of its products and patented technologies. The developed gloves are well suited for both rehabilitation within health and medical care as well as preventively for professionals in the industry. The company has signed strategic cooperation agreements with several multinational companies within e.g. the automobile, aircraft as well as the construction and infrastructure industry.

Bioservo Technologies was founded in 2006 through a collaboration between researchers at the Royal Institute of Technology and doctors at Karolinska University Hospital in Stockholm. Bioservo Technologies is a Swedish public company with headquarters and operations in Kista, north of Stockholm. FNCA Sweden AB is the company's Certified Adviser on Nasdaq First North.

For more information, please visit www.bioservo.com

Bioservo Technologies AB Press Contacts

Erik Landgren                                                                                      

CEO                                                                                                      

Tel.: +46 (0)73 227 00 51                                                                

erik.landgren@bioservo.com  

Anett Grusser-Pettersson  

Associate Director of Marketing  

Tel.: +46 (0) 70 795 34 81                                                  

anett.pettersson@bioservo.com