Tympany Medical, a Galway-based MedTech Start-Up, has closed seed investment funding of over €3.5 million ($4million USD) in a round involving several world class MedTech investors.
Led by the Atlantic Bridge University Bridge Fund, the round includes significant investment from Ascentifi, alongside Western Development Commission, Enterprise Ireland, Mayo Clinic Ventures, Xenium Capital and a number of expert Angel investors.
Tympany Medical, founded in 2018 by BioInnovate Fellows Dr. Liz McGloughlin and Rory O’Callaghan, has developed a next-generation endoscope platform for ENT surgery that solves unmet needs for patients, surgeons, and healthcare systems. The Seed investment will support the Regulatory approval of the Company’s first endoscope for Ear Surgery. Additionally, the company will advance the development of their innovative platform camera technology, for integration into a suite of ENT surgical endoscopes. The next generation technology will be designed to transition from the linear to the circular economy, placing Tympany Medical at the heart of sustainable innovation.
Ear Surgery is performed in patients with conductive hearing loss. Over 660,000 ear surgeries are performed per year in the US and Europe.
The team is excited to continue pushing the boundaries of minimally invasive surgery and to advance the capabilities of endoscopy for ENT and beyond. Announcing the investment, Co-Founder and CEO Dr. Liz McGloughlin said, “This investment comes at a key time in Tympany Medical’s development and will allow us to grow our team as well as complete our first regulatory submission. Additionally, we will advance the development of our platform endoscope camera technology, which is at the cutting edge of mechanics, optics, electronics and human-centred design. Having the support and backing of seasoned MedTech investors will accelerate our growth trajectory significantly.”
Tomás Ó Síocháin, CEO of the Western Development Commission, commented
Building on the world renowned MedTech sector that exists in the West of Ireland, our team in the WDC are delighted to support Tympany Medical in this funding round. This investment adds to our extensive MedTech/Lifescience portfolio and we look forward to supporting Liz, Rory and the team as they grow.
Helen Ryan of Atlantic Bridge said “We are delighted to welcome NUI Galway Spin-Out Tympany Medical to the Atlantic Bridge University Bridge Fund portfolio. Tympany Medical is building endoscope technologies that have the potential to disrupt the ENT Surgery market, improving outcomes for patients.”
Kevin Marmion of Ascentifi commented “This investment marks Ascentifi’s continued support of highly ambitious MedTech companies. We are excited to support the development of Tympany Medical’s novel endoscopic technology for a rapidly growing single-use marketplace”
Tympany Medical has been supported to date by Enterprise Ireland via the Commercialisation Fund programme as well as EIT Health through its Innovation Project and Amplifier programmes and has been awarded support via the Disruptive Technology Innovation Fund.
As part of this investment, Helen Ryan of Atlantic Bridge will join the board of directors as well as independent directors, Barry Russel (Chairperson) and Páraic Curtis.