Surgical robotic assistive technologies provider iotaMotion has raised $12m from Series A to speed up the commercial expansion of its iotaSOFT Insertion System.
iotaMotion is focused on the development of advanced robotic-assisted systems for cochlear implant surgery.
Research Corporation Technologies (RCT) led the financing round, which saw participation from ISA Ventures, Next Level Ventures and Mutual Capital Partners.
RCT president Christopher Martin and Mutual Capital Partners co-founder and managing director Wayne Wallace are set to join iotaMotion’s board of directors.
iotaMotion CEO Mike Lobinsky said: “The completion of this funding represents the next stage of iotaMotion’s growth as we look to capitalise on a first-to-market opportunity in the United States and expand to markets around the world.”
Serving as a robotic assistant, the iotaSOFT system helps surgeons to hold the implant steadily in place while allowing them to adjust the trajectory or perform other tasks with their hands.
iotaSOFT provides a cost-effective solution for hospitals to embrace CI robotics, unlike oversized robotic systems.
The company's scientific advisory board has undergone expansion with the addition of Bruce Gantz, Professor Thomas Lenarz and Camille Dunn.
iotaMotion board chairman Eric Timko said: “The additional funding, complemented by the expansion of our board and scientific advisors, sets up iotaMotion for tremendous success as we look to disrupt the cochlear implant market with our highly innovative technology.”
