Switzerland-based Medtech firm, machineMD, has reportedly raised €3.2 million ($3.16 million) in its seed round, led by a leading partner of Sitem Startup Club’s Investor Club, Guido Fluri Foundation.
As per reports, machineMD is currently working on creating a device for early diagnosis of neurological disorders such as brain tumors with the help of neuro-ophthalmic examinations. The new capital will go towards introducing its first product on the market by the end of this year.
The funding comes after machineMD was rewarded an Innosuisse project of €1.25 million (~$1.24 million) for developing a prototype device, funded by Helbling, CSEM, and Inselspital.
This seed round capital was complemented with a €1.2 million (~$1.19 million) convertible note, which was committed last year will now be transformed into equity. Canton of Bern also extended financial support to the startup.
Dominic Senn, CEO of machineMD, stated that the seed round not only indicated that the SSC is a destination where Medtech startups can get office space, coaching, and a lively community but also provided us access to an active and exclusive investor club.
Senn added that such a comprehensive funding offer, along with a robust financing component, is a major factor for the success of machineMD as well as other Medtech firms and that it shows how well-positioned Bern is in the translational medicine field.
machineMD is a spin-out from the University Hospital of Bern and was founded in 2019 by Prof. Mathias Abegg, along with a team of medical device experts and entrepreneurs. The startup’s device, when completed, will allow for comprehensive, automated, and standardized neuro-ophthalmic examinations.
The firm aims to provide primary and secondary care with the diagnostic quality of a highly qualified tertiary care specialist. Its device combines VR and AI to utilize biomarkers, like eye and pupil movements, for speeding up brain disease diagnosis, like brain tumors, multiple sclerosis, and stroke.
The startup claims that the device can enable optometrists and doctors to execute eight fully automated examinations in under ten minutes.
Source credit: https://techfundingnews.com/machinemd-secures-e3-2m-to-diagnose-neurological-disorders-early-with-ai-and-vr/