Medical device and MedTech insights, news, tips and more
Iotamotion Completes $12m Series A Raise to Accelerate Commercial Expansion of IotaSOFT® Insertion System
July 26, 2023
iotaMotion, Inc., a leader in developing advanced robotic-assisted systems for cochlear implant surgery, announced today the company has oversubscribed its $12 million Series A capital raise. The company closed the round with support from a select group of venture capital firms, private investors, and current shareholders. The lead investor was Research Corporation Technologies, Inc. (RCT) with participation from Mutual Capital Partners, ISA Ventures, and Next Level Ventures. Christopher Martin, President of RCT, and Wayne Wallace, Co-Founder and Managing Partner of Mutual Capital Partners, will join iotaMotion’s Board of Directors.Iotamotion Completes $12m Series A Raise to Accelerate Commercial Expansion of IotaSOFT® Insertion System
The capital raised in the Series A round will fuel commercial expansion of the iotaSOFT® Insertion System, which continued to gain momentum in the first half of 2023, and drive new innovations in robotic-assisted cochlear implantation. “The completion of this funding represents the next stage of iotaMotion’s growth as we look to capitalize on a first-to-market opportunity in the United States and expand to markets around the world,” said Mike Lobinsky, CEO of iotaMotion.
The company is also expanding its Scientific Advisory Board, with the addition of Bruce Gantz, MD, neurotologist and distinguished professor at the University of Iowa, Professor Thomas Lenarz, MD, PhD, Chairman of the Department of Otolaryngology, Hannover Medical School, and Camille Dunn, PhD, research audiologist and Director of the University of Iowa Cochlear Implant Clinical Research Center. The addition of these advisors will ensure iotaMotion continues to deliver innovative products that will push the field of cochlear implants forward.
“The additional funding complemented by expansion of our board and scientific advisors sets up iotaMotion for tremendous success as we look to disrupt the cochlear implant market with our highly innovative technology,” said Eric Timko, Chairman of the Board of iotaMotion.
iotaMotion continues to drive adoption of the iotaSOFT Insertion System through an expanded commercial release with systems distributed across the country.
A privately held Iowa based company, iotaMotion is developing surgical robotic assistive technologies with the goal of advancing cochlear implant surgery beyond human capability. The company’s solutions aim to standardize cochlear implant electrode array insertion, and to provide unprecedented control in surgical care settings with the goal of expanding access to cochlear implant interventions for both surgeons and patients.
See Full Press Release at the Source: Iotamotion Completes $12m Series A Raise to Accelerate Commercial Expansion of IotaSOFT® Insertion System
Press Release by: iotaMotion, Inc
Legacy MedSearch has more than 35 years of combined experience recruiting in the medical device industry. We pride ourselves on our professionalism and ability to communicate quickly and honestly with all parties in the hiring process. Our clients include both blue-chip companies and innovative startups within the MedTech space. Over the past 17 years, we have built one of the strongest networks of device professionals ranging from sales, marketing, research & , quality & regulatory, project management, field service, and clinical affairs.
We offer a variety of different solutions for hiring managers depending on the scope and scale of each individual search. We craft a personalized solution for each client and position with a focus on attracting the best possible talent in the shortest possible time frame.
Are you hiring?
Contact us to discuss partnering with Legacy MedSearch on your position.