iotaMotion Secures $2.52M Funding to Advance Robotic Assistance for Cochlear Implant Surgery

On August 29, 2019, VCBeat (WeChat ID: vcbeat) learned from foreign media reports that medical device company iotaMotion announced the completion of a $2.52 million financing round (the specific round was not disclosed). The investors in this round were not disclosed.

Upon the completion of this round of financing, iotaMotion will further develop and commercialize the iotaSOFT assistive robot for cochlear implant surgery.

It is reported that iotaMotion completed a $2 million seed funding round in August 2017.

iotaMotion, founded in 2015 and headquartered in Iowa, USA, is a medical device company. The company primarily develops assistive robots for cochlear implant surgery to treat patients with hearing loss. iotaMotion provides standardized cochlear implantation solutions, enabling surgeons to better manage patient conditions during and after surgery, thereby allowing physicians to deliver more precise and effective treatments for various types of hearing loss.

Cochlear implants (CIs) have traditionally been used to treat patients with profound hearing loss (1.2 million people in the United States). Recent research advances have made CIs a treatment option for patients with moderate hearing loss (up to 6.3 million people in the United States). Currently, there is significant variability in treatment outcomes among patients receiving cochlear implants. Multiple studies have shown that 15% to 50% of patients may experience loss of residual natural hearing after surgery.

iotaSOFT is an open-platform, robot-assisted system designed to enhance surgical precision by controlling the speed and acceleration of electrode insertion. This system enables surgeons to implant cochlear implants into patients via a robotic interface, facilitating precise procedure execution and reducing complications arising from surgical errors. As cochlear implant solutions continue to evolve, assistive technologies like iotaSOFT can help achieve surgical objectives while preserving patients’ residual natural hearing.

iotaMotion’s product portfolio also includes iotaPROGRESS and iotaPRECISION; the former is an implantable system for postoperative repositioning, while the latter is a cochlear implant designed for hearing preservation.

Dr. Chris Kaufmann, President and Co-Founder of iotaMotion, stated, “We are pleased to have completed our Series B financing with participation from both existing and new investors, which will help accelerate our growth. We are submitting applications to regulatory authorities and commercializing our products in phases. We are highly optimistic about iotaSOFT’s robotic-assisted technology, which received predominantly positive feedback from surgeons following the completion of our usability study last month.”

Eric B. Timko, Executive Chairman of iotaMotion, stated: “iotaMotion is preparing to submit an application to the FDA for regulatory clearance of the iotaSOFT system. Robotics has already made a significant impact in healthcare across many specialties, and iotaMotion is at the forefront of providing cost-effective, efficient, and user-friendly robotic clinical solutions.”

(Compiled by Hu Yifan)