IotaMotion said today that it raised nearly $3 million in a second round of funding as it moves toward commercializing its iotaSoft robotic system for cochlear implantation surgery.
The Iowa City-based startup raised $2.52 million and said it’s focused on achieving developmental and regulatory milestones on its way to commercialization for the IotaSoft system.
The company also touted a recently-completed human-factors usability study, held in July. The study included participation from leading cochlear implant surgeons in a simulated-use clinical environment. IotaMotion noted the study’s significance on the way to FDA submission of the iotaSoft technology.
IotaSoft is a robot-assisted insertion device designed to allow surgeons to advance cochlear implant electrodes with more control and precision, which the company believes will allow for less surgical variability.
The company previously raised $2 million in a seed funding round for iotaSoft in August 2017, having already received Small Business Innovation Research Grants from the National Science Foundation and National Institutes of Health totaling $1.7 million.
“We’re pleased to have completed this second round of friends-and-family financing with participation from both existing and new investors,” IotaMotion co-founder & president Dr. Chris Kaufmann said in prepared remarks. “The funds will be used to complete key milestones as we move towards regulatory submission and prepare for a controlled, phased commercialization of the technology. We remain excited by the impact that the iotaSoft robotic-assisted insertion technology can have on cochlear implant surgery, especially after the positive surgeon feedback in completing our usability study last month.”
“We’re excited to prepare and file our submission to the FDA seeking regulatory clearance for the iotaSoft system,” added chairman Eric Timko. “Robotics have made significant impacts in healthcare across many disciplines, and iotaMotion is well positioned to be the leader in providing robotics solutions that are clinically effective, economically efficient, and operationally simple to deploy and support.”