Irish medtech company Vertigenius has raised €2.1 million which it says will accelerate the expansion of its treatments for people with vertigo into new markets including the United States.
Atlantic Bridge, the global technology growth fund, led the seed funding round, with Galway-based venture capital firm Ascentifi and Enterprise Ireland also investing in Dublin-based Vertigenius.
The investment will also fund the creation of 10 new jobs in the business to support its growth as it looks to enter the UK market later this year and the US next year.
While vertigo is a highly treatable condition, a worldwide shortage of experts in vestibular therapy – specialised treatment to help reduce or eliminate balance issues – means therapy, which usually involving a set of prescribed exercises, can be inaccessible or delayed, Vertigenius said.
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The company, which has developed a wearable head sensor and software allowing therapists to monitor patient symptoms and track their exercises via a smartphone app, was founded by Dr Dara Meldrum, a specialist in the body’s vestibular system, which regulates balance and orientation.
“We know that vestibular rehabilitation is effective. However, access to treatment is a major issue,” said Dr Meldrum, an associate professor in the school of medicine at Trinity College Dublin. “Our products enable better access by monitoring treatment in the home and delivering faster care through technology.
“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.”
Vertigenius chief executive Mark Barry said the investment is testament to the “transformative potential” of the company’s products for patients facing long waiting lists for treatment.
Conor O’Sullivan, investment director at Atlantic Bridge, said Vertigenius has “strong market potential” and is positioned for success.
The company said the investment round was “significantly oversubscribed”, highlighting market confidence in its approach to treating vertigo.
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