Vietnamese biometric sensor and robotic prosthetics developer Vulcan Augmetics has secured undisclosed seed funding from Singapore-based venture capital firm Quest Ventures.
Vulcan Augmetics specializes in creating customizable modular robotic prosthetics, harnessing the power of proprietary machine-learning software to enhance accessibility and affordability for amputees, particularly in underserved regions across the developing world.
The startup aims to improve prosthetic devices and explore wearable technologies ranging from health and diagnostic devices like Fitbit to advanced systems like augmented reality (AR) and virtual reality (VR) control systems.
Vulcan Augmetics develops wearable biosignal sensors and software, which plays a pivotal role in transforming assistive devices’ fitting and rehabilitation process, with an initial focus on prosthetics.
The company’s technology allows users to don these devices in under two minutes, which often involves a time-consuming process spanning six to 18 hours. Vulcan Augmetics effectively reduces fitting times by over 60%, ensuring quicker and more accessible solutions for those in need.
Further, the startup aspires to expand its horizons by encompassing an entire spectrum of wearable technologies. The vision extends to diverse categories of devices, ranging from essential diagnostic and health tools like Fitbit to augmented reality (AR) and virtual reality (VR) control systems.
Rafael Masters, Co-Founder and CEO of Vulcan Augmetics spoke to the media during the announcement. “Making assistive technology accessible is a global challenge that will impact two billion people by 2030 and a huge opportunity for us to realize the potential of the disabled community,” he said.
“Vulcan Augmetics is a great example of addressing large and socially impactful issues with capital and technology.” James Tan, Managing Partner at Quest Ventures, further said, supporting Rafael’s thoughts.
James Tan, the Managing Partner at Quest Ventures, has expressed the venture capital firm’s mission to identify and support pioneering technology companies that operate at the intersection of deep tech and high scalability. Quest Ventures seeks out enterprises with the potential to address substantial and impactful challenges by leveraging capital and technology.
Highlighting one of their particular areas of concern, James Tan underscored the importance of catering to aging populations and enhancing the quality of care available to them. Additionally, the innovation can alleviate the pressures on caregivers and society.
The global scale of amputees, estimated at approximately 57 million individuals, underscores the immense significance of Vulcan Augmetics’ mission to advance assistive technologies. Specifically, the Vietnamese-based company targets an urgent need, as more than 500,000 amputees reside in Vietnam alone.
The mounting figures continue to grow yearly, not just in Vietnam but worldwide. The primary drivers of this surge in amputations encompass a range of factors, including industrial accidents and the prevalence of chronic diseases.