Clean Feet Investors II LP (CFI II), a private investment fund for accredited investors, based in Avon, Connecticut, has acquired a majority ownership of Movia Robotics Inc. (Movia) based in Bristol, Connecticut. The company has been restructured under the new name Movia Inc. Tim Gifford, the founder of Movia’s technology for the treatment of autism using instructive robots, will continue to be part of the new Movia, and Kate Adams will remain the CEO of the company.
The patented technology behind Movia’s products was developed by Gifford in collaboration with the University of Connecticut over several years and has been deployed to assist schools, clinics and families with children on the autism spectrum.
Gifford expressed excitement over the acquisition, citing CFI II’s experience in business management and growth. He said, “Through this collaboration we have already expanded our business development efforts and released a new version of the software that improves the outcomes over our previous releases.”
The participating managers include Jay Corgiat, Ph.D., who will serve as chairman of the new Board of Directors of Movia Inc.; Managers Tim Kretz and Greg Gartner will also join the Board and George Pascucci will continue as a special advisor to Movia.
Bernie Zahren, a manager of CFI II, said, “This is a strategic acquisition for CFI. The Movia products work well and we see a growth opportunity. We are pleased to be able to support this product that helps so many children on the autism spectrum.”
CFI I, a private placement sustainable investment fund for accredited investors, was created by Zahren Financial Company LLC as the general partner in 2010. After years of successful financial returns to investors for CFI I, CFI II was formed in 2020 as a successor fund. The two funds were merged in March 2023 with CFI II as the new operating entity for the combined funds. In addition to a large equity investment from ZFC Capital Partners II LP into Movia, CFI I made two senior secured loans to Movia Robotics Inc. in 2020 and 2021. The combined CFI I and CFI II funds contributed new capital to fund the expenses of the transition out of Chapter 11 to the new Movia Inc.
Founded by scientist, researcher and entrepreneur Gifford, Movia has emerged as a leader in socially assistive robotics and robot control. Its mission revolves around fostering collaboration between humans and robots through innovative systems and software. Specializing in Robot-Assisted Intervention (RAI) systems, Movia’s technology empowers children with autism spectrum disorders by breaking down barriers to learning and socialization. Deployed in diverse settings such as schools, clinics and homes, its evidence-based approach and curriculum, developed by educators and therapists, align seamlessly with special education standards, providing a holistic solution to facilitate growth and development in children with autism.
