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MedTech Outlook | Wednesday, March 10, 2021
GyroGear is working on a wearable to assist those with hand tremors. The wearable prevents tremors, allowing them to go on their daily routines. Caregivers and family members will also feel relieved.
FREMONT, CA: GyroGear, a UK-based neuromuscular medical device firm, recently completed phase one of its seed rounds fundraise. Foxconn Technology Group, one of the world’s largest and most powerful electronics producer, led this round. Foxconn has made an initial investment of £1 million (US$1.41 million). The UK Government Future Fund, Singapore startup maker Fidelium Group, and other existing strategic investors and business leaders participated in GyroGear’s seed round. The second round of the seed round is currently underway, with a completion date of March 2021.
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“In the US alone, the economic burden of Parkinson’s Disease amounts to 51.9 billion dollars every year, growing to 79.1 billion dollars 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, GyroGear.
Dr. Ong adds, “Our partnership with Foxconn elevates GyroGear’s existing world-class engineering and advisory base with further strategic and technical expertise. It grants GyroGear access to class-leading advanced technologies and capabilities as we ready our flagship product, the GyroGlove, for an international launch.”
GyroGear is working on a wearable to assist those with hand tremors. The wearable prevents tremors, allowing them to go on their daily routines. Caregivers and family members will also feel relieved. The GyroGlove, GyroGear’s flagship product, is the first and only portable medical system to use cutting-edge aerospace technologies and satellite-grade mechanical gyroscopes. Hand tremors are easily and quickly countered by the technology, allowing daily hand use to resume. The GyroGlove is a lightweight, effective device that unobtrusively empowers users to solve their daily struggles, giving hope to millions of tremor sufferers worldwide who cope with everyday activities.
“We are eager and excited to partner with GyroGear and bring the GyroGlove to Asia. The partnership is another reflection of our long-term commitment to our “3+3=ˆž” vision, which symbolises the infinite possibilities created by Foxconn’s industrial advancement and emerging technologies,” said Young-way Liu, Chairman, Foxconn Technology Group.
People with Parkinson’s disease and Essential Tremor, all of which affect over 200 million people globally, are potential patients. Both diseases’ prevalence has risen dramatically in the last decade. Medication and neurosurgery are two current treatments. The medication comes with a slew of negative side effects. On the other hand, neurosurgery is limited to a small percentage of patients due to inherent complications. There is no treatment for hand tremors at this time.
Paul Lim, Chairman of Fidelium Group and Senior Advisor to GyroGear, said, “GyroGear fills a huge gap in today’s medical spectrum. Many tremor patients suffer in silence as the disease robs them not only of the ability to carry on simple daily activities, but more importantly, many suffer silently, with mental trauma caused by embarrassment from uncontrollable shaking. They avoid going out to public spaces and recluse themselves from social activities. Founder CEO Dr Faii Ong is a visionary leader who has led his team to invent this elegant solution that will change the lives of millions of tremor patients in the world.”
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