Tian Cheng Technology Secures Investment from Pappas Capital, Focusing on Exoskeleton Robotics for Tech-Enabled Elderly Care | BlueRun Ventures

Recently, Hangzhou UGO Technology Co., Ltd. (hereinafter referred to as "UGO Technology"), a global leader in exoskeleton technology, announced the addition of international investor Pappas Capital**, alongside continued follow-on support from existing shareholder Yuhang State Investment. With this new capital, UGO Technology will accelerate its international business expansion and significantly increase hiring and investment in R&D and marketing across global markets.

BlueRun Ventures was the sole investor in UGO Technology's Series A round and also participated in its Series A+ round.

Furthermore, UGO Technology will deepen partnerships with top international research and clinical institutions, promoting its Rehabilitation-as-a-Service (RaaS) innovative model for rehabilitation exoskeleton technology platforms to solidify its industry-leading position. The company has reportedly become the global leader in both the number of rehabilitation exoskeletons deployed and in active use.

Pappas Capital, a leading global venture capital firm with 29 years of distinguished track record in investing in frontier life sciences and technology companies, has successfully invested in over 100 early-stage startups through its managed funds. Among these companies' technologies and products, 25 have received FDA "Best-in-Class/First-in-Class" approvals. Pappas Capital's addition as an investor provides UGO with new channels to diversify its financing opportunities and establishes a partnership to support the commercialization of rehabilitation exoskeleton products.

Art Pappas, Managing Partner of Pappas Capital, expressed strong confidence in UGO Technology's R&D and products: "We are pleased to support UGO Technology in the development and commercialization of exoskeleton products capable of transforming human lives. UGO Technology's rehabilitation exoskeleton services significantly improve medical outcomes while prioritizing patient care, demonstrating impressive and substantial potential."

In 2021, UGO Technology announced the completion of a Series A financing of tens of millions of RMB, with BlueRun Ventures as the sole investor; in 2022, it announced the completion of a Series A+ financing of over 100 million RMB, led by Fortune Venture Capital, with Essence Securities and Poly Capital participating, and existing shareholder BlueRun Ventures continuing its support in this round. The company has since completed milestones including exoskeleton mass production, core hardware self-development, product iteration, technological innovation barriers, and commercial validation. With the help of strategic cornerstone investor Naton Medical Group, it completed early product standardization and clinical registration, expanding its business lines to orthopedics and sports medicine.

As a national high-tech enterprise, UGO Technology is dedicated to the R&D and application of core exoskeleton robot technologies including core algorithms and components. To date, the company has independently filed over 500 intellectual property applications, with over 300 granted, and was awarded the China Patent Silver Award in 2023. As an "innovative Class II medical device," UGO Technology's self-developed and self-produced rehabilitation exoskeleton equipment was the first domestically to receive NMPA registration for neurological rehabilitation, filling a domestic gap. Authoritative academic societies and associations have assessed its overall technical level as reaching international leading standards in the industry.

In terms of commercial progress, UGO Technology's market promotion efforts and results are among the best in the industry. Through its innovative "Rehabilitation as a Service" concept, the company has rapidly introduced the new direction of "digital rehabilitation" based on exoskeleton robot technology to professional rehabilitation institutions. Over the past two years, it has entered over 560 rehabilitation centers, disability federation institutions, and hospitals, covering more than 92% of provincial-level administrative regions nationwide, with cumulative services exceeding 300,000 patient visits. Recently, UGO Technology's pediatric exoskeleton product, the Tongxing (KidGo) series rehabilitation exoskeleton, received additional NMPA Class II medical device registration approval, which will undoubtedly continue to help expand the rehabilitation exoskeleton market.

Dr. Tian Wang, Founder and CEO of UGO Technology, spoke about his original motivation for entrepreneurship: "Exoskeleton robots are essentially products that amplify and empower human physical capabilities, fulfilling humanity's imagination of becoming stronger. Using rehabilitation exoskeleton technology to address the rehabilitation and elderly care challenges that everyone faces — that's the core."

It is undeniable that China's rapid development in robotics technology and manufacturing has provided a solid foundation for rehabilitation exoskeleton robot technology. The market adoption and普及应用 of domestic rehabilitation exoskeleton robots will accelerate innovation and development in rehabilitation technology. UGO Technology's competitive products will drive international market growth, promote international cooperation and exchange in rehabilitation technology, and lead global advancement in rehabilitation exoskeleton robot technology.

Exoskeleton technology is an epoch-making technology that can provide humanity with entirely new life experiences. In the medical field, exoskeleton technology can be applied to rehabilitation therapy, helping people with disabilities regain freedom of movement and improve their quality of life. In the personal consumer domain, exoskeleton technology can provide elderly individuals with more comfortable and safer living environments, enabling them to maintain social connections and self-care abilities for longer periods.

UGO Technology is committed to continuous product innovation, improving the economic accessibility of exoskeleton products, and increasing opportunities for patients to use and benefit from this transformative technology. UGO Technology looks forward to working with global customers and partners to jointly advance life sciences technology and create a better future for humanity.

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Founded in Silicon Valley in 2005, BlueRun Ventures is a venture capital firm focused on early-stage startups.

Currently, BlueRun Ventures manages multiple USD and RMB dual-currency funds in China, with assets under management exceeding 15 billion RMB, making it one of the largest early-stage funds domestically. The firm invests primarily at Pre-A and Series A stages, covering technology, consumer, and healthcare sectors, with nearly 200 portfolio companies including Li Auto, Waterdrop, QingCloud, Guazi.com, Qudian, Ganji.com, Energy Monster, Gaussian Robotics, Songguo Mobility, Yuntu Semiconductor, Machenike, CloudSaints Intelligence, Anxin Netshield, and BioMap.

BlueRun Ventures has been ranked #1 on Zero2IPO's "China Early-Stage Investment Institutions Top 30," #1 on ChinaVenture's "China Best Early-Stage Venture Capital Institutions TOP30," and named among Preqin's Global Top 10 VC Fund Managers for Sustained High Returns.

Additionally, BlueRun Ventures has received consecutive recognition from media outlets including Forbes China, 36Kr, Cyzone, Caixin Media, CBNweekly, and Jiemian, earning honors such as "China's Best Early-Stage Firm of the Year," "China Top Venture Capital Firm," "Most Entrepreneur-Friendly Early-Stage Firm of the Year," and "Most Influential Early-Stage Firm of the Year."