UK-based neuromuscular medical device company, GyroGear Ltd has just concluded phase one of its seed round fundraise. The round was led by electronics manufacturer Foxconn Technology Group which invested GBP1 million (USD1.41 million) upfront

Participants in GyroGear’s seed round include the UK Government Future Fund, Singapore venture builder Fidelium Group, and other established strategic investors and business leaders. Phase two of the seed round is ongoing and scheduled for completion in March 2021.

GyroGear is developing a wearable device to help individuals with hand tremors. The wearable reduces tremors, so they may perform their day-to-day activities. This also brings relief to caregivers and family members.

“In the US alone, the economic burden of Parkinson’s Disease amounts to USD51.9 billion every year, growing to $79.1 billion by 2037. Essential Tremor alone is up to 20 times more prevalent than Parkinson’s, and can manifest at any point in one’s life. The impact of not being able to use one’s hands is beyond what any numbers can describe. GyroGear was founded to specifically address this large unmet medical need, and to provide simple, elegant solutions to restore the quality of life to 200 million tremor patients worldwide,” explains Dr Faii Ong, Founder and CEO of GyroGear.

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Source: Private Equity Wire