Galway-based medtech company Tympany Medical has raised €3.5 million in a seed investment round from backers that include the venture arm of the Mayo Clinic, which has been consistently ranked as the best hospital in the US.
Tympany has developed the world’s first specialised miniature endoscope for ear surgery called OtoVU.
Previously, more cumbersome endoscopes have been used in procedures rather than ones designed specifically to assist surgeons operating on the intricate detail of the human ear.
With some 660,000 surgeries performed a year in the US and Europe, and over 450 million people experiencing hearing loss globally, Tympany has a sizeable market opportunity.
The seed investment is intended to be used to help secure FDA approval for its miniature device and to expand the team.
The financing was led by the Atlantic Bridge University Bridge Fund, and includes significant investment from Ascentifi, alongside Western Development Commission, Enterprise Ireland, Mayo Clinic Ventures, Xenium Capital and a number of expert angel investors.
Tympany was founded by Dr Liz McGloughlin and Rory O’Callaghan in 2018 as a spinout from the BioInnovate Ireland programme at the National University of Ireland, Galway.
Dr McGloughlin said OtuVU is expected to be available commercially some time in 2023.
The start-up has been supported by Enterprise Ireland’s Commercialisation Fund programme as well as by EIT Health through its Innovation Project and Amplifier programmes. It has also been awarded support via the State’s Disruptive Technology Innovation Fund.