Cleveland, Ohio and Irvine, California – Parker Hannifin Corporation officials announced that it has completed a minority equity investment agreement with Freedom Innovations LLC. Freedom Innovations, headquartered in Irvine, CA, designs, manufactures, and markets advanced technology lower extremity prosthetic devices. The agreement expands Parker and Freedom Innovations’ partnership, which began in July 2013 with a technology collaboration related to intelligent, powered orthotics and prosthetics. Financial terms of the transaction were not disclosed.
“This agreement marks a significant step forward in our desire to build a meaningful business for Parker in human motion,” said Achilleas Dorotheou, vice president and head of the human motion and control business unit for Parker. “Freedom Innovations shares our vision of building smart, powered, connected devices that improve the quality of life for mobility impaired people. We look forward to collaborating with them as we establish a leadership position in the neuro-rehabilitation, prosthetics and orthotics markets.”
The agreement builds on Parker’s position in the market through the development of Indego – a powered lower limb orthosis, also known as exoskeleton. Parker is targeting commercial launch of Indego in Europe in summer 2015 and in the United States towards in the latter half of 2015. Indego is being developed by the human motion and control business unit of Parker, within the Engineered Materials Group.
”We are pleased to expand our partnership with Parker Hannifin,” said Maynard Carkhuff, chairman and CEO of Freedom Innovations. “Parker’s world-class capabilities in technology and engineering will benefit our organization in multiple ways. The companies share mission-driven, dynamic cultures of innovation, which will make us strong collaborators as we develop leading platforms in the fast-growing and increasingly converging field of human mobility. This partnership and investment will also provide Freedom meaningful incremental resources to accelerate and expand our strategic growth initiatives, product development, and global commercial franchise. We are excited about the opportunity to bring additional Freedom products to more patients and providers globally.”
Indego is a robotic exoskeleton or powered orthotic device that allows users to stand and walk, and holds great promise for affording people with paraplegia a new level of independence. Indego is an investigational device and limited by law for investigational use only. To learn more about Indego, visit www.indego.com.