Bayern Kapital supports internationalization of munevo
Landshut/Munich — A globally unique smartglass solution that allows electric wheelchairs to be controlled by head movement — that’s the innovative medical product that Munich-based start-up munevo launched around four years ago. Since then, the young team has enabled more and more people with severe limitations to their mobility to lead a self-determined, mobile life. Following seed funding last year, munevo has now raised three million euros for expansion into the USA and other international markets.
Bayern Kapital, one of the most experienced and active key players in the German start-up financing landscape, which provides equity capital in particular to innovative high-tech companies with a connection to Bavaria, participated in this round together with BayBG, be10x Capital and ROCA X. Part of the round with a total of over three million euros are also other existing investors from the business angel environment.
Diseases such as paraplegia, multiple sclerosis or Parkinson’s disease can severely limit freedom of movement and independence. As a result of their condition, sufferers are often dependent on the help of other people or on expensive and uncomfortable steering systems. Thus, in the course of a university course at the Chair of Business Informatics at the Technical University of Munich, the idea of a Google Glass app as a mobility aid was born. In 2018, a clinical trial for “munevo DRIVE” was conducted at Klinikum rechts der Isar in Munich, followed by approval as a medical device. Smartglasses enable proportional head control of electric wheelchairs, and many other devices can be operated just by moving the head. Thus, munevo DRIVE also serves as a platform for software add-ons to control smartphones, robotic arms that help people with daily activities, and smart home applications. Demand is high and munevo, which is receiving a great deal of encouragement from numerous users as well as medical and scientific professionals and has entered into important cooperative agreements, such as with the globally active wheelchair manufacturer Sunrise Medical, is expanding.
The new round of financing will enable munevo GmbH to meet the increasing demand for its control system, expand its distribution network in the U.S. and extend its partnerships in Europe.
“We are very proud that the new funding will allow munevo to grow and help many people,” said Claudiu Leverenz, CEO and co-founder of munevo. “We are very pleased that the venture capitalists involved have given us access to the funding we need to grow the company quickly.”
BayBG Investment Manager Dr. Peter Graf agrees: “We already invested in munevo GmbH in 2020, at that time with mezzanine capital, which convinced us as a technology leader with its groundbreaking product and innovative developments. We are certain that with the current round of financing, munevo has all the prerequisites to successfully take off internationally.”
“The mission of munevo to provide affected people with more freedom and independence is impressive. We are convinced that the dedicated team will now increasingly achieve this in the rest of Europe and in the USA, and we are happy to support them with all our experience,” explains Monika Steger, Managing Director of Bayern Kapital.
munevo GmbH was the first company to develop a head control for electric wheelchairs based on smartglasses, munevo DRIVE. This special control helps people with disabilities to achieve independent mobility and more self-determination. The Munich-based company was founded in 2018 and has been selling munevo DRIVE in Germany, Austria and Switzerland since January 2019.Diseases such as paraplegia, multiple sclerosis or amyotrophic lateral sclerosis can severely restrict a person’s freedom of movement and their associated independence. As a result of their condition, affected individuals are often dependent on the assistance of other people or on uncomfortable steering systems. The idea for munevo DRIVE arose in the course of a university course at the Chair of Business Informatics at the Technical University of Munich. munevo DRIVE is approved as a medical device and CE certified. The young international team is constantly working on further development to create an everyday assistant. www.munevo.com
About Bayern Kapital
Bayern Kapital GmbH, based in Landshut, is the venture/growth capital company of the Free State of Bavaria. It accompanies innovative high-tech companies in the Free State through various growth phases, from seed to later stage, with equity capital in the amount of 0.25 to 25 million euros. Bayern Kapital often fills gaps in the VC sector in proven consortium constellations with private investors (business angels, family offices and corporate ventures).Bayern Kapital manages specialized investment funds with a volume of around 700 million euros. Since its foundation in 1995 on the initiative of the state government, the wholly owned subsidiary of LfA Förderbank Bayern has so far invested around 400 million euros of its own equity capital in around 300 start-ups and scale-ups in sectors such as life sciences, software & IT, materials & new materials, nanotechnology and environmental technology. As a result, more than 8,000 jobs have been permanently created in Bavaria in companies with a promising future. The active portfolio currently comprises over 80 companies.Examples of numerous groundbreaking success stories that Bayern Kapital has supported at an early stage include EOS (today the world’s leading technology provider in industrial 3D printing of metals and plastics), Proglove, Fazua, SimScale, Scompler, egym, Parcellab, Cobrainer, Quantum Systems, Casavi, Theva, Riskmethods, Tubulis, Catalym, Immunic, Sirion and many more. www.bayernkapital.de
With its venture capital team, BayBG Bayerische Beteiligungsgesellschaft mbH, Munich (BayBG), invests in Series A financing rounds and later in tech start-ups. Currently, the venture capital portfolio consists of over 35 technology companies. With an invested volume of 340 million euros, BayBG is one of the largest investment companies in Germany. In addition to venture capital for start-ups, BayBG offers medium-sized companies equity capital (equity and/or mezzanine) across all company phases and financing occasions. BayBG thus enables the implementation of innovation and growth projects, the optimization of the capital structure or the regulation of corporate succession.www.baybg-vc.de
About be10x Capital
be10x Capital invests in promising startups focused on B2B, Smart Mobility Solutions, EV & Green-Energy, Software-as-a-Service (SaaS) and other high-tech products and solutions. The founding personalities themselves and the potential of the underlying business model for scalable exponential growth, sustainability and an expandable internationality of the startup are at the forefront of the selection process. The investment company be10x Capital was founded by Thomas Schmidt at the beginning of 2021 in order to actively accompany and support the growing and, in Thomas’ view, very high-performing startup landscape in Germany and Europe in these segments.www.be-exponential.com
About ROCA X
A venture capital fund that invests in early-stage disruptive companies: young entrepreneurs with revolutionary ideas in technology, at the MVP or prototype stage, with a vision to make an impact on society and a passion to turn that desire into action. ROCA X builds a solid and much-needed bridge for startups between business angel support, which nurtures early-stage ideas, and upper-stage VCs, which support the growth of the startup. ROCA X is part of the Impetum Group, together with CITR and ROCA Investments.www.rocax.ro