iotaMotion, a pioneering company in the development of advanced robotic-assisted systems for cochlear implant surgery, has successfully completed its Series A capital raise, securing a total of $12 million. The funding round was oversubscribed, with strong support from a group of venture capital firms, private investors, and existing shareholders. Research Corporation Technologies, Inc. (RCT) led the investment, with participation from Mutual Capital Partners, ISA Ventures, and Next Level Ventures. As a result of the funding, 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 from the Series A round will be instrumental in facilitating the commercial expansion of iotaMotion’s groundbreaking iotaSOFT® Insertion System. The system has gained considerable momentum in the first half of 2023 and has established a first-to-market advantage in the United States. With the additional funding, the company plans to extend its reach to global markets while driving continuous innovations in the field of robotic-assisted cochlear implantation. Mike Lobinsky, CEO of iotaMotion, expressed his excitement about the funding, stating that it marks the next phase of the company’s growth and reinforces their commitment to seizing opportunities in the cochlear implant industry.
Alongside the funding, iotaMotion is strengthening its Scientific Advisory Board by adding prominent experts in the field of cochlear implants. The new additions include Dr. Bruce Gantz, a neurotologist and distinguished professor at the University of Iowa; Professor Thomas Lenarz, Chairman of the Department of Otolaryngology at Hannover Medical School, who holds both an MD and a PhD; and Dr. Camille Dunn, a research audiologist and Director of the University of Iowa Cochlear Implant Clinical Research Center. These esteemed advisors will play a crucial role in guiding iotaMotion’s continued development of innovative products that drive advancements in cochlear implants.
Eric Timko, Chairman of the Board at iotaMotion, emphasized the importance of the additional funding and the expanded advisory board in positioning the company for future success. He highlighted iotaMotion’s commitment to disrupting the cochlear implant market with their highly innovative technology.
iotaMotion is actively pushing for the widespread adoption of the iotaSOFT Insertion System by launching an expanded commercial release and distributing systems across the country. With a strong capital base and a team of expert advisors, the company is poised for significant growth and impact in the field of cochlear implants.
