Argo Medical Technologies, of the ProSeed group, has raised $3.1 million in an internal round, ProSeed said in an announcement to the Tel Aviv Stock Exchange. The participants in the round, besides ProSeed itself, were TechnionSeed (formerly the Technion Incubator), and the Vitalife fund.
Argo Medical has developed an alternative to wheelchairs for people with disabilities in their lower limbs, enabling them to stand and walk. It consists of a system that moves the legs in accordance with information received from movements of the upper body. The result is similar to walking with crutches.
The company was founded by Amit Goffer, who was among the founders of Odin Medical Technologies, which was sold to Medtronic. Like those for whom Argo's technology in intended, Goffer himself is paralyzed in the lower half of his body, following an accident.
Argo's product, ReWalk, is reaching the end of the trials stage, and the company believes it will be ready for use in 2010.
Published by Globes [online], Israel business news - www.globes-online.com - on November 2, 2009
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