IOWA CITY, Iowa, Aug. 16, 2017 /PRNewswire/ -- iotaMotion, Inc., a medical device startup spun out from the University of Iowa's Otolaryngology Department, announced today that the company has raised $2 million in a seed financing round to fuel the development of novel robotic systems for cochlear implantation surgery.
The iotaMotion technology will enable surgeons to achieve more precise, individualized solutions for patients experiencing various types of hearing loss. IOTA-Soft™ is the company's robotic-assisted insertion device, which will allow surgeons to advance cochlear implant electrodes with the precision of robotics. Controlled insertion will allow for less surgical variability in outcomes and results, helping to protect existing structures from the damage of manual insertion. This is especially critical when working with hybrid hearing solutions where the patient has retained residual hearing capacity.
"We've completed our seed round, raising over $2 million within a few months from friends and family in the Midwest and around the world," said Chris Kaufmann, MD, co-founder of iotaMotion. "The reception and excitement from both the cochlear implant community and strategic investors is a testament to the clear clinical need and the surgeon-centric robotics-assisted systems we are developing. The funds will be used to further our development efforts for the IOTA-Soft robotic-assisted cochlear implant insertion system."
"The core technology being developed at iotaMotion is notable in its simplified approach to robotic-assisted systems. Our aim is to develop devices that open up access to cochlear implant surgery for a wider audience of both surgeons and patients," said Marlan Hansen, MD, co-founder of iotaMotion. "We are especially grateful for the local and regional support that we received early on from the University of Iowa, and the state, to help us get to this point."
The company was spun out of the University of Iowa in 2015 by Drs. Chris Kaufmann and Marlan Hansen. Since its founding, iotaMotion has been the recipient of both National Science Foundation and National Institutes of Health SBIR grants totaling $1.7 million (separate from the $2 million seed-round) with the aim of taking its robotic-assisted insertion system technology and developing an implantable system (IOTA-Progress™) that will allow post-surgical adjustment of cochlear implants.
"We are thrilled to have such strong support for the vision of iotaMotion, and we look forward to building on our work to date," said Eric B. Timko, Executive Chairman of iotaMotion. "We will be investing in resources to expand our research and development efforts along with the kind of quality and regulatory initiatives that are imperative in medical technology companies."
A privately-held Iowa based company, iotaMotion is developing robotic technologies with the goal of focused, individualized, hearing loss treatment. The company's solutions aim to standardize cochlear implant insertion, and to provide unprecedented control in the surgical and post-surgical care settings with the goal of expanding access to cochlear interventions for both surgeons and patients. For more information, visit www.iotamotion.com or contact Chris Kaufmann at [email protected].