Press release: Munevo receives over €1M Funding!
Around 1.56 million people in Germany are dependent on wheelchairs, and thousands of them are paralyzed from the neck downwards. Controlling your wheelchairs by yourself in order to be able to take part in social life in a self-determined manner has only been possible in an uncomfortable way. With munevo DRIVE, however, Munevo is presenting a smartglass solution that is unique in the world and with which electric wheelchairs can be controlled by moving the head. After exceeding the financing target of 250,000 euros via the financing platform Aescuvest, which specializes in healthcare start-ups, the Munich start-up has received an investment of more than 1 million euros in the current financing round.
Globally unique head control and approved medical product
Munevo’s solution is unique in the world. The sensors built into smart glasses in conjunction with the munevo app, allow head movements to be translated into control signals. These are forwarded to the wheelchair control unit by means of an adapter; almost every electric wheelchair on the market is compatible. “It makes us happy to hear from those affected that munevo DRIVE can give them back a piece of their independence and mobility,” said Munevo co-founder Claudiu Leverenz.
In 2018, the founding year, it was approved as a medical product, which resulted in the compensation of costs by many health insurance companies in Germany and Europe.
Munevo platform solution
The word Munevo stands for “Munich, New, Innovation & Evolution”, a company developed from a team of students at the Technical University of Munich at the Chair of Business Informatics, which was supposed to use smart glasses in the mobility sector. But the founding team has long been multidisciplinary. The winner of the German Mobility Award 2019 is not only thinking of wheelchairs, because the technology already acts as a mouse replacement: users of the software can control a cursor across the screen by moving their head. But that’s not all. “The use of Bluetooth makes it possible to access other devices too, so that in the future completely paralyzed people will also be able to control smartphones, robotic arms or smart home systems.”, says co-founder Leverenz.
Munevo exceeds funding target of EUR 250,000 in public financing round
The next development goal mainly includes internationalization within the EU, followed by the USA in order to serve many international customer inquiries. In addition, the team will be expanded to develop new functions of the application more quickly and to expand quality assurance. In order to be able to tackle these development goals, the company carried out public financing on Aescuvest, an investment platform, which specializes in healthcare start-ups, and presented itself to investors.
Financing round ended with an investment of over 1 million euros
In addition to the public financing round at Aescuvest, Bayerische Beteiligungsgesellschaft mbH (BayBG) and several business angels have also participated. Munevo GmbH is advised by the law firm Dentons Europe LLP. A total of more than 1 million euros was invested in the Munich start-up so far.
