Medtech startup GyroGear raises USD4.3m in Phase One of Seed Round
UK-based neuromuscular medical device company, GyroGear Ltd has just concluded phase one of its seed round fundraise. The round was led by electronics manufacturer Foxconn Technology Group which invested GBP1 million (USD1.41 million) upfront.
Participants in GyroGear's seed round include the UK Government Future Fund, Singapore venture builder Fidelium Group, and other established strategic investors and business leaders. Phase two of the seed round is ongoing and scheduled for completion in March 2021.
GyroGear is developing a wearable device to help individuals with hand tremors. The wearable reduces tremors, so they may perform their day-to-day activities. This also brings relief to caregivers and family members.
"In the US alone, the economic burden of Parkinson's Disease amounts to USD51.9 billion every year, growing to $79.1 billion by 2037. Essential Tremor alone is up to 20 times more prevalent than Parkinson's, and can manifest at any point in one's life. The impact of not being able to use one's hands is beyond what any numbers can describe. GyroGear was founded to specifically address this large unmet medical need, and to provide simple, elegant solutions to restore the quality of life to 200 million tremor patients worldwide," explains Dr Faii Ong, Founder and CEO of GyroGear.
Dr Ong adds: "Our partnership with Foxconn elevates GyroGear's existing world-class engineering and advisory base with further strategic and technical expertise. It grants GyroGear access to class-leading advanced technologies and capabilities as we ready our flagship product, the GyroGlove(TM), for international launch."
GyroGear's flagship product, the GyroGlove, is the world's first and only wearable medical device that adopts cutting edge aerospace technology and satellite-grade mechanical gyroscopes. The technology effectively and swiftly counteracts hand tremors, thus restoring normal use of the hand. Lightweight and efficacious, the GyroGlove(TM) unobtrusively empowers users to overcome their daily challenges, offering hope to the millions of tremor sufferers worldwide who struggle with everyday tasks.
Potential users include those with Parkinson's Disease and Essential Tremor, with both conditions affecting over 200 million people worldwide. Prevalence of both diseases has been rapidly increasing this past decade. Current therapies include medication and neurosurgery. Medication is accompanied by significant side effects. Whereas neurosurgery is limited to a small minority of patients due to its inherent risks. There is currently no cure for hand tremors.
"We are eager and excited to partner with GyroGear and bring the GyroGlove to Asia. The partnership is another reflection of our long-term commitment to our "3+3=∞" vision, which symbolises the infinite possibilities created by Foxconn's industrial advancement and emerging technologies," said Young-way Liu, Chairman of Foxconn Technology Group.
Paul Lim, Chairman of Fidelium Group and Senior Advisor to GyroGear Ltd added, "GyroGear fills a huge gap in today's medical spectrum. Many tremor patients suffer in silence as the disease robs them not only of the ability to carry on simple daily activities, but more importantly, many suffer silently, with mental trauma caused by embarrassment from uncontrollable shaking. They avoid going out to public spaces and recluse themselves from social activities. Founder CEO Dr Faii Ong is a visionary leader who has led his team to invent this elegant solution that will change the lives of millions of tremor patients in the world."
The funds raised will be used for clinical trials, regulatory approval and further R&D. This round closes March 2021.