The start-up is positioning itself for commercial acceleration with its endoscopic product, Solascope.
Galway-based medtech Tympany Medical is launching a €600,000 crowdfunding round to scale its surgical device Solascope.
The upcoming round is a part of a larger raise that would fund the start-up’s growth strategy, product refinement and early market deployment, Tympany said.
The round is set to open on 29 July on the crowdfunding platform Spark, under the Employment and Investment Inceptive scheme. The company is targeting both seasoned investors and first-time backers.
Tympany Medical’s flagship product Solascope is a variable angle and self-cleaning endoscopic tool. The tool consists of a lightweight reusable handle combined with detachable single-use, sterile probe tips. With this product, Tympany is targeting the 20m procedures that require endoscopic visualisation.
“Our solution offers better visibility, improved ergonomics for surgeons, and more sustainable practice,” said CEO Michael Gilmore.
Earlier this year, the start-up’s co-founder Elizabeth McGloughlin won the third spot in the European Institute of Innovation and Technology Women Leadership category.
McGloughlin, who was previously the company’s CEO, has transitioned into the role of VP of strategy, clinical and business development.
“Stepping into a focused role where I can drive opportunity, partnerships and business development has allowed us to accelerate growth,” she said.
“Appointing Michael Gilmore as CEO was a strategic decision, his business and engineering expertise perfectly complements my clinical background.”
Last year, the company appointed Charlie Wilhelm as chair of its board. Wilhelm is an industry veteran in endoscopic visualisation and the former chief operations officer of medtech Karl Storz North America.
“With over 30 years of experience in endoscopic visualisation, I am confident that Tympany Medical has a first-mover advantage and a high likelihood of success,” he said.
“What’s innovative about our approach is that while the market is shifting from reusable to single-use devices for sterility and safety reasons, we’re introducing a single-use endoscope with a sterile, reusable handle.”
Since being founded in 2018, the start-up has grown to 15 employees, and is positioning itself for commercial acceleration, the company said.
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