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Friday, Nov 22, 2024

Evolution Devices Concludes Crowd Funding

Santa Clarita-based Evolution Devices recently closed its crowd funding campaign that raised $241,170 from 486 investors. 

Evolution Devices’ flagship product, EvoWalk, is an AI-powered muscle stimulator that uses machine learning and motion tracking to treat walking impairments related to conditions such as multiple sclerosis, Parkinson’s disease and strokes.  

The EvoWalk and a complementary digital therapy platform that has already started its pilot program have been the focus of fundraising efforts. 

The crowd funding campaign began in late July and locked more than $152,000 in a rolling close by Nov. 16. Evolution Devices has been acquiring funding since 2019. Through a mixture of grants in the years since, it has raised well over $1 million. 

In an Oct. interview with the Business Journal, Evolution Devices Chief Executive Officer Pier Mantovani said that the company believed it could receive FDA clearance for its product around the second quarter of this year. He added that a product launch may lead to a Series A funding round late this year or early next.

 

 

Antonio Pequeño IV
Antonio Pequeño IV
Antonio “Tony” Pequeño IV is a reporter covering health care, finance and law for the San Fernando Valley Business Journal. He specializes in reporting on some of the biggest names in the Valley’s biotechnology sector. In addition to his work with the Business Journal, Tony has reported with BuzzFeed News on the unsupervised use of Clearview AI, a controversial facial recognition technology. Tony, who also conducts freelance reporting, graduated from the USC’s Master of Science in Journalism program in 2021. He is in his fifth year as a journalist as of 2021.

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