Digital Health startup machineMD, developing a medical device for the early diagnosis of neurological disorders, has secured CHF 3.2 million - oversubscribing their seed round by 50%. Guido Fluri Foundation, the Leading Partner of the Sitem StartUp Club's Investor Club led the round.
Founded as spin-off of the University Hospital of Bern, Inselspital, by Prof. Mathias Abegg, and a team of entrepreneurs and medical device experts, machineMD is developing a novel diagnostic device that enables complete standardised and automated neuro-ophthalmic examinations. Uniquely combining virtual reality and artificial intelligence, the device will measure biomarkers such as eye and pupil movements that can be used in the early diagnosis of brain diseases such as stroke, multiple sclerosis and brain tumours. It will allow doctors and optometrists to perform eight fully automated examinations within 10 minutes and provide quantitative, objective and reproducible measurements.
In collaboration with Inselspital, CSEM and Helbling, the company was awarded an Innosuisse project of CHF 1.25 million to develop a prototype device fully. The seed funding of CHF 3.2m is complemented by a convertible note of CHF 1.2 million committed in 2021, which will now be converted into equity. MachineMD was further supported by a financial contribution from the Canton of Bern. The market launch of machineMD’s first product is planned for the end of 2023.
Lead investor Guido Fluri Foundation is a leading member of the investor club associated with the Sitem StartUup Club (SSC) in Bern, led by President Daniel Buser. Committed to improving the diagnosis and treatment of brain tumours, the Guido Fluri Foundation is also proud that the SSC was able to support machineMD in the matching of investors significantly.
"This seed round showed us the Sitem StartUp Club is not only a place where MedTech startups get office space, find a lively community and coaching, but it also provides access to an exclusive and active investor club,” explains Dominic Senn, CEO of machineMD.” For us, as well as other MedTech startups, such a comprehensive funding offer with a strong financing component is a key success factor that shows how well Bern is positioned in the field of translational medicine."
(Press release/RAN)
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