The new tech device offers enhanced early diagnosis of neurological disorders. The Swiss startup plans to launch it in 2023.
Swiss Medtech startup machineMD recently developed a device to improve the diagnoses of neurological disorders in its early stages. The company oversubscribed its pre-seed round by 50%, securing €3.2 million for the device’s development, and plans to launch the tech gadget in the market by 2023.
A medical disorder diagnosed early offers better treatment results for patients. It gives more time to doctors to plan their treatments, provide accurate assessments, helping their patients recover fast. Unfortunately, brain disorders are difficult to diagnose in their early stages. machineMD raises the new investment to fight these diagnostic shortcomings. The Guido Fluri Foundation, the Leading SSC Investor Club’s Partner, is committed to fighting brain tumor disorder and led the fundraising round.
Earlier, Inselspital, CSEM, and Helbling granted machineMD a €1.25 million Innosuisse project to develop a complete prototype device. The present seed funding round accompanies a €1.2 million convertible note committed in 2021. It will now convert into equity. The Canton of Bern further supported machine MD making a financial contribution.
Dominic Senn, CEO of machineMD said, “This seed round showed us the Sitem StartUp Club is not only a place where MedTech startups get office space, find a lively community and coaching but also gave us access to an exclusive and active investor club. For us, as well as for other MedTech startups, such a comprehensive funding offer with a strong financing component is a key success factor that shows how well Bern is positioned in the field of translational medicine.”
Development of machineMD
Prof. Mathias Abegg from the University Hospital of Bern, Inselspital, founded the startup, machineMD, along with a team of entrepreneurs and medical device experts in 2019. The new VR medical device that the startup is developing provides complete, automated, and systematic neuro-ophthalmic examinations of patients having brain disorders.
The device focuses on delivering high-quality diagnostics that resemble the accuracy of a qualified tertiary care specialist, necessary in primary and secondary care. It integrates virtual reality(VR) with artificial intelligence (AI). It uses biomarkers like eye and pupil movements to speed up the diagnosis of brain diseases like brain tumors, stroke, and multiple sclerosis and also detect them earlier.
The high-tech VR device enables early diagnosis of brain diseases like strokes, tumors, MS, etc., measuring the patient’s eye and pupil reaction to visual stimuli. The device helps doctors enhance patients’ treatment plans and provide precise, quantitative, and personal health evaluations.
The Medtech company claims that the new device will allow doctors and optometrists to conduct eight completely automated examinations in 10 minutes.