CIONIC Raises $12 Million in Series A Funding

CIONIC has garnered an additional $12 million extension of its Series A financing, bringing the Series A total to $25 million. The round was led by L Catterton, a consumer-focused investment firm, and joined by an additional new investor THVC, as well as all major investors. Additionally, CIONIC has also partnered with Enable Ventures, the first impact venture fund dedicated to closing the disability wealth gap while achieving competitive, market-rate returns.
 
As part of L Catterton’s investment, Venture Partner and experienced entrepreneur Whitney Casey has joined CIONIC’s Board of Directors.
 
“Transformative technologies are powering a new category of consumer medical devices that assist anywhere it is needed, and at any time,” Casey said. “We have seen how CIONIC’s bionic clothing has already transformed the lives of those living with mobility impairments, and with the growing consumer interest in wearable health technology, CIONIC’s platform has the potential to change the trajectory of personalized healthcare, and clothing, as we know it.”
 
Funds from the Series A extension will be used to grow user and clinician adoption of the Cionic Neural Sleeve among the millions of individuals experiencing impaired mobility due to multiple sclerosis, strokes, cerebral palsy, and other neurological conditions. CIONIC will also use the funds to accelerate the company’s product pipeline into new indications to address the full spectrum of human mobility. Powering this roadmap is continued investment in CIONIC’s wearable neuromodulation platform.
 
CIONIC has doubled its headcount since last spring and established a state-of-the-art manufacturing facility in Northern California. The company is now licensed to ship the Cionic Neural Sleeve to 45 U.S. states, with more than 400 prescribing institutions. Since the start of shipments in early 2023, CIONIC customers have already clocked more than 200,000 hours of use.
 
“There is a revolution underway in healthcare and with it a growing demand for brands that provide not only high-quality care where and when it is needed, but that are also capable of measuring progress and proving outcomes,” CIONIC Founder/CEO Jeremiah Robison stated. “Our partners recognize we are building something unique, and we are proud to work with organizations who share not only our vision for the future of healthcare, but whose deep expertise in brand building, healthcare transformation, and disability advocacy will help us accelerate the timeline for making this vision a reality.”

The new finance partners complement CIONIC’s approach to market. L Catterton is a consumer-focused investment firm with an extensive track record of accelerating the growth of popular brands across all categories. THVC invests in companies that are transforming the healthcare landscape. Enable Ventures partners with early-stage companies that leverage disability as an asset to unleash untapped economic potential through products and services powered by universal design. 
Backed by clinical evidence and cleared by the U.S. Food and Drug Administration (FDA), the Cionic Neural Sleeve analyzes, predicts, and augments a person’s movement. It uses a dense array of sensors to measure body positioning and how individual muscles fire during movement; it, predicts intended movement by measuring electrical brain signals and then algorithms analyze this data in real-time to determine optimal muscle activation patterns. The Cionic Neural Sleeve then delivers Functional Electrical Stimulation to sequence proper muscle firing for natural movement. It is an adaptive system that provides real-time augmentation and adjustment of the wearer’s movement, updating each time he or she takes a step. The Cionic Neural Sleeve has been recognized in numerous global design and healthcare competitions, including the Digital Health Hub Awards, Fierce Life Sciences Innovation Awards, Fast Company World Changing Ideas, MedTech Innovation Awards, International Design Excellence Awards, and more.
 
“The confluence of rising societal expectations of people with disabilities plus technological innovation that is driving systems change, and significant capital earmarked for DEI makes this moment the ideal time to pursue this profoundly underserved market,” Enable Ventures Founder/Managing Partner Regina “Gina” Kline said. “Throughout history, disability has served as a catalyst for innovation and CIONIC is a leading example. In helping his daughter, Jeremiah has addressed the mobility needs of more than 35 million people in the United States alone and has unlocked the potential of bionic clothing. Enable seeks to support enterprises like CIONIC which truly represents the intersection of disability and epic technology.”
 
CIONIC is committed to helping people with mobility differences by facilitating more independent movement through FDA-cleared bionic clothing. Motivated by his daughter’s journey with cerebral palsy, technology innovator Jeremiah Robison founded CIONIC in 2018. The company’s lead product, the Cionic Neural Sleeve, can analyze and augment human movement, enabling the body to move with more freedom and control than with crutches, walkers, or wheelchairs. The Cionic Neural Sleeve combines the diagnostic power of a gait lab with the therapeutic power of Functional Electrical Stimulation (FES) into a lightweight, durable garment that can be worn anywhere and work everywhere.