Irish medtech start-up Vertigenius has raised more than €2.1m in a seed funding round for its wearable head sensor and software aimed at improving the treatment of vertigo.
The oversubscribed funding round announced today (8 May) will enable Vertigenius to create 10 new jobs and expand into the UK and US markets.
Vertigo is a common symptom of an underlying condition that gives a patient the sensation that everything around them is spinning. This condition is most often an inner ear problem that affects a person’s balance.
Most patients recover after seeing a vestibular therapist and performing prescribed exercises at home. However, Vertigenius claims that a shortage of experts in the area often delays treatment, sometimes making it inaccessible. The complexity of exercises can also make treatment difficult.
“We know that vestibular rehabilitation is effective; however, access to treatment is a major issue. Our products enable better access by monitoring treatment in the home and delivering faster care through technology,” said Dr Dara Meldrum, who founded Vertigenius in 2019.
“Exercise programmes can be complicated for those in the midst of vertigo episodes, and our patients respond very well to the real-time guidance from our solution. So, not only do we enable therapists to treat more patients more quickly, but we also dramatically improve the patient experience.”
Based in Dublin, the company has developed a wearable head sensor and software that allows therapists to prescribe and track exercises carried out by patients, monitor their symptoms and study the effectiveness of treatments. An app connected to the sensor shows users how to correctly perform exercises and monitor symptoms in real time.
Vertigenius, which spun out of Trinity College Dublin, hopes that this wearable and software combination can help therapists treat vertigo more effectively, reduce patient visits and bring down the lengthy waiting times.
“Worldwide, patients who have been diagnosed with vertigo can face months-long waiting lists or an inability to get access to treatment at all,” said CEO Mark Barry.
“Research has shown that patients with vertigo are 12 times more likely to have a fall, while 63pc of them lose workdays and 50pc suffer from anxiety. Our mission is to enable early access to high-quality care for vertigo patients, which will improve the lives of millions of people.”
Currently used by more than 1,000 patients in Ireland, Vertigenius hopes to expand into the UK this year and the US early next year. It was one of the top five finalists at a Medtech Innovator pitching event held in Dublin two years ago.
The latest funding led by Atlantic Bridge and backed by Ascentifi and Enterprise Ireland will help the team improve the sensor and launch a second version next year.
The 10 new jobs will add to its growing team that now includes Damien Daly (formerly of Glofox) as chief technology officer and Patrick Schoeman (formerly of Aligner Dental Academy) as chief commercial officer.
By Vish Gain of Silicon Republic.
