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.