GyroGear raises $4.3M for its medical glove which aids people living with tremors
25 Mar 2021
GyroGear, a UK-based neuromuscular medical device company, has landed $4.3 million in phase one of its seed round for the GyroGlove that supports people living with tremors. $1.41 million was received upfront from electronics manufacturer Foxconn Technology Group which led the round.
Participants in GyroGear’s second seed round will include the UK Government Future Fund and Singapore’s venture builder Fidelium Group.
WHAT IT DOES
According to GyroGear, the glove adopts the latest aerospace technology and satellite-grade mechanical gyroscopes to effectively curb hand tremors and restore normal hand function. The company states that despite its light weight, the GyroGlove is able to bring relief to its users and support them in going about their daily activities. People living with Parkinson’s Disease or Essential Tremors will potentially benefit from the device.
WHY IT MATTERS
The prevalence of Essential Tremors has been increasing steadily over eight years, from 2010 to 2018. There is no cure for it at present. Only one medication – propanolol has currently been approved by the United States Food and Drug Administration (FDA) for its treatment. Although such tremors are often not considered life-threatening, it can affect the quality of a person’s life severely if left untreated.
THE LARGER TREND
Wearables to tackle tremors have typically been more geared toward observing and recording symptoms as opposed to delivering therapy. GyroGear, along with companies such as Cala Health which has developed a watch-like device to manage tremors, is currently at the forefront for such solutions.
ON THE RECORD
"In the US alone, the economic burden of Parkinson's Disease amounts to $51.9 billion every year, growing to $79.1 billion by 2037. Essential Tremor alone is up to 20 times more prevalent than Parkinson's, and can manifest at any point in one's life. The impact of not being able to use one's hands is beyond what any numbers can describe. GyroGear was founded to specifically address this large unmet medical need, and to provide simple, elegant solutions to restore the quality of life to 200 million tremor patients worldwide," shared Dr Faii Ong, Founder and CEO of GyroGear.
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