UK-based neuromuscular medical device company GyroGear has announced phase one of its seed funding round of $4.3M (nearly £3.1M). The electronics manufacturer Foxconn Technology Group led this round. Notably, Foxconn has invested £1M upfront in neuromuscular medical device.
The other investors that took part in the seed investment round include the UK Government Future Fund, Fidelium Group, a Singaporean venture builder and other established strategic investors and business leaders. GyroGear is also in plans to complete the second phase of its seed round this month.
The UK-based company has developed a wearable device to help individuals with hand tremors. The wearable reduces tremors and lets patients carry out their day-to-day activities. Eventually, it brings relief to caregivers and family members.
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. The lightweight GyroGlove offers hope to the millions of tremor sufferers worldwide.
Potential users of the GyroGlove includes patients suffering from Parkinson’s Disease and Essential Tremor, the conditions affecting over 200 million people worldwide.
Focuses on clinical trials
The company announced that the investment will be used for clinical trials, regulatory approval and further R&D.
Dr Faii Ong, Founder and CEO of GyroGear, said: “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 an international launch.”
“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 recuse 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.”
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