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LOS ANGELES (CBS) — A ribbon-cutting ceremony for a tech company planting roots in Playa Vista on Wednesday brought promise of more to come from one of the world’s richest men.

KNX 1070’s Ed Mertz reports on what Dr. Patrick Soon-Shiong sees as the groundwork in his vision for the Southland.

“We can’t let Silicon Valley dominate,” said Soon-Shiong. “We want to create ‘Silicon Beach’.”

The founder of Equipois was joined by Mayor Antonio Villaraigosa and others to celebrate the firm’s new Los Angeles headquarters and manufacturing facility.

Equipois is a forerunner in the field of exoskeleton technologies that have across-the-board applications in manufacturing, industrial, bioresearch and defense applications.

The equipment allows workers to hold tools in zero gravity, boosting human strength, stamina and safety and thereby eliminating workplace injuries and increasing productivity.

Ultimately, however, Soon-Shiong, who is part-owner of the Los Angeles Lakers and worth an estimated $5 billion, wants to see his firm go beyond the status quo and scale the heights of innovation.

“Take this technology and actually make a paraplegic move and allow a disabled person to actually use this technology,” said Soon-Shiong.

Equipois currently has 50 employees and expects sales of about $12 million this year.

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