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iotaMotion raises $2.1 million to further development of cochlear implant system

November 5, 2018

Iowa City-based medical device company, iotaMotion, has raised $2.1 million in a seed financing round to fuel the development of their novel robotic systems for cochlear implantation surgery.

The iotaMotion technology will enable surgeons to achieve more precise, individualized solutions for patients experiencing various types of hearing loss. IOTA-Soft is the company’s robotic-assisted insertion device, which will allow surgeons to advance cochlear implant electrodes with the precision of robotics. Controlled insertion will allow for less surgical variability in outcomes and results.

“We’ve completed our seed round, raising over $2 million within a few months from friends and family in the Midwest and around the world,” Chris Kaufmann, MD, co-founder of iotaMotion said in an announcement. “The reception and excitement from both the cochlear implant community and strategic investors is a testament to the clear clinical need and the surgeon-centric robotics-assisted systems we are developing. The funds will be used to further our development efforts for the IOTA-Soft robotic-assisted cochlear implant insertion system.”

The company was spun out of the University of Iowa in 2015 by Drs. Chris Kaufmann and Marlan Hansen. Since then, iotaMotion has been the recipient of both, National Science Foundation and National Institutes of Health SBIR grants totaling $1.7 million (separate from the $2.1 million seed-round) with the aim of taking its robotic-assisted insertion system technology and developing an implantable system that will allow post-surgical adjustment of cochlear implants.

“We are thrilled to have such strong support for the vision of iotaMotion, and we look forward to building on our work to date,” said Eric B. Timko, Executive Chairman of iotaMotion. “We will be investing in resources to expand our research and development efforts along with the kind of quality and regulatory initiatives that are imperative in medical technology companies.”

Clay & Milk has reached out to iotaMotion for more information about their investment round and will update the story when and if we hear back.

Tags: iotaMotion Iowa City Iowa Startup

iotaMotion raises $2.1 million to further development of cochlear implant system | Clay & Milk

A central Iowa ag-tech accelerator has secured more backers and finally has a name. The Greater Des Moines Partnership first announced the accelerator last year, naming four initial investors. On Monday, the Partnership said the program will be called the "Iowa AgriTech Accelerator" and named three new investors. The new investors include Grinnell Mutual, Kent Corp. and Sukup Manufacturing, all Iowa companies. They join investors Deere & Co., Peoples Co., Farmers Mutual Hail Insurance Co. and DuPont Pioneer. Each investor has agreed to put up $100,000 for the first year of the accelerator. Startups entering the program will receive $40,000 in seed funding in exchange for 6 percent equity. Tej Dhawan, an angel investor and local startup mentor, is serving as interim director until the AgriTech Accelerator names a permanent leader. Dhawan held a similar role with the GIA before Brian Hemesath was named as managing director. As interim director, Dhawan said his main job includes hiring the accelerator's executive director, establishing a business structure and initial recruiting for the first cohort. The accelerator will place few filters, such as location and product, on the applicant pool, Dhawan said. "When you’re seeking innovation, innovation can come from every corner of the world so why restrict ourselves," he said. One area the the AgriTech Accelerator won't recruit from is biotech. For its first cohort, the AgriTech Accelerator will work out of the GIA's space in Des Moines' East Village, Dhawan said. A future, permanent home is still to be decided. The accelerator's program will host startups from mid-July through mid-October, ending with an event connected to the annual World Food Prize. The GIA, which the AgriTech Accelerator is based on, also ends with presentations at an industry event. The accelerator has also started lining up a mentor pool. The Iowa Corn Growers Association, Iowa Soybean Association and the Iowa Pork Producers Association have agreed to provide mentors, as has Iowa State University. While the AgriTech Accelerator is loosely based off of the GIA, it will differ in its business structure, Dhawan said. The GIA runs through a for-profit model for both operations and its investment fund. The AgriTech Accelerator will have a nonprofit model for its operations and a for-profit setup for its fund. Dhawan said the nonprofit model is being used so the accelerator can better work with other nonprofit partners, such as trade associations. "These are all organizations that are nonprofits and can be amazing stakeholders without ever having to be investors in the accelerator," he said. "It becomes easier to work with trade associations in their nonprofit role when we are also a nonprofit." When it's up and running, the AgriTech Accelerator would be one of a handful of ag-focused startup development programs in Iowa. Others include the Ag Startup Engine out of Iowa State University and the Rural Ventures Alliance from Iowa MicroLoan. Matthew Patane is the managing editor and co-founder of Clay & Milk. Send him an email at mpatane@clayandmilk.com.

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