MedTech startup machineMD convinced investors from the Sitem StartUp Club and secured CHF 3.2 million – oversubscribing their seed round by 50%.
Bern, Switzerland – September 6, 2022. machineMD is developing a medical device for the early diagnosis of neurological disorders including brain tumors via neuro-ophthalmic examinations. The lead investor in the seed round is the Guido Fluri Foundation, which is committed to the fight against brain tumors.
machineMD is a spin-off of the University Hospital of Bern, Inselspital, founded by Prof. Mathias Abegg, MD, PhD, and a team of entrepreneurs and medical device experts. Their goal is to bring the diagnostic quality of a highly qualified tertiary care specialist to where it is needed most, in primary and secondary care.
In collaboration with Inselspital, CSEM and Helbling, the company was awarded an Innosuisse project of CHF 1.25 million to fully develop a prototype device. 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 by the end of 2023.
machineMD is developing a novel diagnostic device that enables complete, standardized 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 tumors. It will allow doctors and optometrists to perform eight fully automated examinations within 10 minutes and provide quantitative, objective and reproducible measurements.
The lead investor in this seed round is the Guido Fluri Foundation, which is committed to improving the diagnosis and treatment of brain tumors. The Guido Fluri Foundation is the leading partner of the the Sitem StartUp Club (SSC) in Bern, led by chairman Daniel Buser, who said, “”I am very pleased that the SSC was able to help significantly in this financing round of machineMD to arrange the investors.”
“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 also gave us access to an exclusive and active investor club,” explains Dominic Senn, CEO of machineMD. ” For us, as well as for 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.”
About machineMD
machineMD is a Swiss medical device company, founded in 2019, that develops innovative solutions to radically improve early detection of brain diseases such as stroke, multiple sclerosis and brain tumours. The company combines Virtual Reality and Artificial Intelligence to empower neurologists and ophthalmologists with reliable diagnostic data. Find out more: www.machinemd.com