WANDERCRAFT (IEU LS)

Promoteur – Intermédiaire Financier

WANDERCRAFT SAS

Lieu

• France

Description

The project concerns the promoter's development of a hands-free walk exoskeleton used for medical rehabilitation and to improve wheelchair patients' mobility.

Additionality and Impact

The project concerns an operation under Invest EU, and is aligned with the InvestEU objective of promoting research, development and innovation. The project is eligible in line with Annex II of the Regulation as it relates to (5)(g) new and effective and accessible healthcare products. The purpose of the loan is to provide direct, equity-type financing under EIB's Venture Debt Instrument to support Research, Development and Innovation ("RDI") activities of the innovative company "Wandercraft", a medical technology company based in France. The financing of this project addresses the failure in financial markets for RDI, arising from limited access to commensurate financing because of factors such as information asymmetries, misalignment of incentives, etc. Wandercraft, thanks to its strong expertise in biomedical engineering, robotics, dynamic locomotion algorithms and artificial intelligence, is developing exoskeletons for rehabilitation purposes and augmentation of lower body mobility. The technology is being first developed for rehabilitation to restore functions essential for walking. A future device is designed to enable more mobility for paraplegic patients. The project, if successful, is expected to have significant financial and broader social benefits, in terms of improved health and welfare. By creating knowledge externalities, the project is expected to provide significant socio-economic benefits, to strengthen France and Europe's position in the field of medical exoskeletons, and to help to create and retain skilled staff engaged in the Company's RDI activities. Creation of knowledge and support of skilled jobs in France will further contribute positively towards the EU's 3% RDI intensity target. Thanks to the support of InvestEU, the EIB may provide a flexible long-term financing that limits significant cash outflows in the short to medium term, thereby enabling the company to focus on investing in innovation and growth. By contributing to extending the cash runway of a highly innovative but high-risk early-stage company with no access to commercial debt, the EIB financing is expected to de-risk the project, create a crowd-in signaling effect, and allow the company to accelerate its development. The EIB could not provide such type of financing support, or not to the same extent or at the same quantum, without support from the InvestEU guarantee.

Objectifs

The promoter is already commercialising Atalante, an exoskeleton for stroke patient rehabilitation. Atalante enables these patients to re-learn how to walk by recovering their gait, more effectively than both manual rehabilitation techniques and 1st generation exoskeletons. In addition, Wandercraft is developing Eve, a personal exoskeleton for wheelchair users. By improving their daily life mobility, the Company's objective is to decrease wheelchair-related pathologies and negative impacts, such as unemployment or depression.

Secteur(s)

• Industrie - Industrie manufacturière

Montant BEI envisagé (montant approximatif)

EUR 25 million

Coût total (montant approximatif)

EUR 50 million

Aspects environnementaux

The project concerns investments in research and development activities carried out by the Promoter and its partners in existing facilities without changing their already authorised scope. The research and development activities of the project do not fall under either Annex I or Annex II of the Environmental Impact Assessment (EIA) EU Directive 2014/52/EU amending 2011/92/EU.

Passation des marchés

The promoter is a private company, not operating in the utilities sector, and who does not have the status of a contracting authority; thus the project is not covered by the EU directives on procurement. However, the promoter's procurement procedures are expected to be in line with EIB guidelines for private sector projects. The EIB will verify details during the project due diligence.

Statut

Signé - 28/12/2023