Vertigenius, an Irish medtech firm, has garnered €2.1 million in their latest fundraising venture, a step they believe will foster the propagation of their vertigo treatment options into fresh markets such as the United States. The seed funding effort was primarily spearheaded by Atlantic Bridge, a global tech growth fund, and received substantial backing from Ascentifi, a venture capital outfit based out of Galway, as well as Enterprise Ireland, with their base of operations located in Dublin.
The funds are earmarked not just for widening market horizons, but also for bringing on board 10 new personnel this year to facilitate the firm’s growth strategy, with plans to enter the UK and US markets imminently and next year respectively.
Vertigenius emphasised that while vertigo is a disease that can be effectively managed, a dearth of vestibular therapy experts globally can create access issues. Consequently, the standard therapy, typically a set of prescribed exercises, maybe delayed or inaccessible. Vertigenius has innovated a wearable head sensor and an accompanying software that enables therapists to keep track of patient symptoms and gauge their progress via an application on their smartphone.
Dr Dara Meldrum, the originator of Vertigenius, is highly knowledgeable about the human body’s vestibular system, the internal system that keeps balance and orientation in check. She is also an associate professor at Dublin’s Trinity College. She mentioned that their product range makes vestibular rehabilitation, an effective treatment method, more widely available by leveraging technology to deliver faster care by monitoring treatment at home.
Their offering is also designed to assist patients navigating complex exercise programmes during vertigo spells with real-time guidance. This not only expedites treatment times for therapists, but it also substantially enhances patient experience.
Vertigenius CEO, Mark Barry, has mentioned that the successful round of investment symbolises the transformative power the firm’s offerings hold for patients waiting for their treatment.
Conor Sullivan from Atlantic Bridge, a key investor in the venture, expressed his belief that Vertigenius possessed robust market potential and a solid chance of success. The company revealed that the funding round had been considerably over-funded, signalling a growing market assurance in their vertigo treatment methodology.