iotaMotion, Inc., an Iowa City, Iowa-based medical device startup spun out from the University of Iowa’s Otolaryngology Department, raised $2m in seed financing.
Backers included friends & family in the Midwest and around the world.
The company intends to use the funds to accelerate the development of novel robotic systems for cochlear implantation surgery.
Spun out of the University of Iowa in 2015 by Chris Kaufmann, MD, and and Marlan Hansen, MD, and led by Eric B. Timko, Executive Chairman, iotaMotion has been developing technology that will enable surgeons to achieve precise, individualized solutions for patients experiencing various types of hearing loss. IOTA-Soft™, the company’s robotic-assisted insertion device, will allow surgeons to advance cochlear implant electrodes with robotic precision as controlled insertion will allow for less surgical variability, helping to protect existing structures from the damage of manual insertion.
iotaMotion has also been the recipient of both National Science Foundation and National Institutes of Health SBIR grants totaling $1.7m.