Vertigenius secures €2.1m investment to develop wearable device to aid vertigo treatment
Vertigenius, a pioneering MedTech company specialising in the treatment of vertigo has closed its seed round investment, raising more than €2.1 million in funding. This will enable the company to create 10 new jobs and expand into the UK and US.
Vertigo is a common, highly treatable, but often debilitating condition affecting 390 million people worldwide every year. Most patients recover by being referred to a vestibular therapist and carrying out a set of prescribed exercises at home. However, a shortage of experts in the area means that treatment can be delayed or even inaccessible. Furthermore, the complexity of the exercises means that patients can struggle with adherence to the treatment.
Founded by vestibular expert Dr Dara Meldrum, Vertigenius aims to improve the delivery of care to people suffering from vertigo. The company has developed a wearable head sensor and software that allows therapists to prescribe and track exercises carried out by patients, monitor patient symptoms and therefore gain insights into the effectiveness of treatments. Interacting with a head sensor that is worn during exercises, a patient-facing app shows users how to correctly carry out their exercises and monitors their symptoms in real time. This enables therapists to deliver care more effectively, reduce patient visits and reduce lengthy waiting lists.
The company’s software is currently being used by clinics and more than 1,000 patients in Ireland. It plans to enter the UK market in the middle of 2024 and the US market early next year.
The company also plans to leverage the funds to continue with the product development of its head sensor. Vertigenius intends to launch a second version of its head sensor in 2025.
Mark Barry, CEO, Vertigenius, said:. “This investment is a testament to the transformative potential of our products in revolutionising the treatment of vertigo. Worldwide, patients who have been diagnosed with vertigo can face months-long waiting lists or an inability to get access to treatment at all. Research has shown that patients with vertigo are 12 times more likely to have a fall, while 63% of them lose workdays and 50% suffer from anxiety. Our mission is to enable early access to high quality care for vertigo patients, which will improve the lives of millions of people. With this funding, we are well-positioned to advance this ambitious mission.”
Conor O’Sullivan, investment director, Atlantic Bridge, said: “The company’s innovative approach, based on technology developed by Dr Dara Meldrum at Trinity College Dublin, combined with their experienced team led by Mark Barry, and strong market potential, positions the company for significant success. We look forward to supporting them in their mission to transform the lives of vertigo patients globally.”
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