TiRobotics "Preparing for Domestic Sales of MyoSwiss Walking Assist Robot... Strengthening Cooperation in Rehabilitation Robot Development"

[Asia Economy Reporter Hyunseok Yoo] Tirobotics announced on the 10th that it has signed a memorandum of understanding (MOU) with MYOSWISS, a Swiss soft suit robot specialist company, to jointly develop soft suit robots, exclusive sales, consignment production, and expand investment, and will begin full-scale cooperation.

A company official said, "Tirobotics will participate in the manufacturing of MYOSWISS's Myosuit for walking assistance robots," adding, "Based on our development and manufacturing capabilities in semiconductor and display vacuum robots and rehabilitation robots such as Healbot G, participating in the manufacturing of MYOSWISS's walking assistance robots as well as joint R&D of next-generation soft suit robot products will be an opportunity to leap forward as a global-level robot specialist company."

He also said, "By obtaining the exclusive sales rights for Myosuit in the domestic market, this product will be first introduced in Korea among Asian countries, and future expansion into Asian markets such as Japan and China is expected," adding, "Myosuit began sales last year in Switzerland, Germany, Belgium, and is preparing to enter the U.S. market via Europe." He emphasized, "Tirobotics will also hold a favorable position in the Asian market distribution rights as the Korean market expands."

In addition to the MOU, Tirobotics made an investment of approximately USD 1.2 million in convertible bonds in MYOSWISS. This is an additional investment following the approximately KRW 1.5 billion investment made last June. A company official explained, "This is an investment in MYOSWISS's recent business expansion and growth potential, and will contribute to increased cooperation between the two companies in robot joint development, sales, and manufacturing."

MYOSWISS is a startup company that won the 'Horizon Prize for Social Innovation,' awarded by the European Commission in September 2019 for innovative ideas to improve mobility for the elderly within Europe. It is especially the company developing and selling the Myosuit. The Myosuit is a commercialized product based on soft suit robot technology for soldier strength assistance first developed at Harvard University.