The Segway creator's DEKA Research and Development Corp and the Japanese automaker said this weekend in a joint press conference at the Paralyzed Veterans of America Convention that they would be teaming up to develop the stair-climbing wheelchair.
"Our company is very focused on mobility solutions for all people," Toyota North America EVP and chief administrative officer Osamu Nagata said in announcing the partnership.
"We realize that it is important to help older adults and people with special needs live well and continue to contribute their talents and experience to the world."
The iBot had originally been developed in the 1990s and was introduced as a more agile and capable alternative to the wheelchair, most notably for its ability to climb stairs.
DEKA, meanwhile, will use the proceeds to help fund the revival and continued development of the iBot, which at the time it was discontinued carried a retail price of $25,000.
No word was given on when the revived iBot wheelchairs are due to return to the market.