IOTAMOTION COMPLETES $12M SERIES A RAISE TO ACCELERATE COMMERCIAL EXPANSION OF IOTASOFT® INSERTION SYSTEM
26 Jul 2023
IOWA CITY, Iowa, July 26, 2023 /PRNewswire/ -- iotaMotion, Inc., a leader in developing advanced robotic-assisted systems for cochlear implant surgery, announced today the company has oversubscribed its $12 million Series A capital raise. The company closed the round with support from a select group of venture capital firms, private investors, and current shareholders. The lead investor was Research Corporation Technologies, Inc. (RCT) with participation from Mutual Capital Partners, ISA Ventures, and Next Level Ventures. Christopher Martin, President of RCT, and Wayne Wallace, Co-Founder and Managing Partner of Mutual Capital Partners, will join iotaMotion's Board of Directors.
The capital raised in the Series A round will fuel commercial expansion of the iotaSOFT® Insertion System, which continued to gain momentum in the first half of 2023, and drive new innovations in robotic-assisted cochlear implantation. "The completion of this funding represents the next stage of iotaMotion's growth as we look to capitalize on a first-to-market opportunity in the United States and expand to markets around the world," said Mike Lobinsky, CEO of iotaMotion.
The company is also expanding its Scientific Advisory Board, with the addition of Bruce Gantz, MD, neurotologist and distinguished professor at the University of Iowa, Professor Thomas Lenarz, MD, PhD, Chairman of the Department of Otolaryngology, Hannover Medical School, and Camille Dunn, PhD, research audiologist and Director of the University of Iowa Cochlear Implant Clinical Research Center. The addition of these advisors will ensure iotaMotion continues to deliver innovative products that will push the field of cochlear implants forward.
"The additional funding complemented by 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," said Eric Timko, Chairman of the Board of iotaMotion.
iotaMotion continues to drive adoption of the iotaSOFT Insertion System through an expanded commercial release with systems distributed across the country.
A privately held Iowa based company, iotaMotion is developing surgical robotic assistive technologies with the goal of advancing cochlear implant surgery beyond human capability. The company's solutions aim to standardize cochlear implant electrode array insertion, and to provide unprecedented control in surgical care settings with the goal of expanding access to cochlear implant interventions for both surgeons and patients.
For more information, visit https://iotamotion.com or contact Wade Colburn, Vice President of Marketing and Clinical at [email protected].
SOURCE iotaMotion, Inc.
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