Dr. Joon Faii Ong recently received $4.3 million in seed funding to develop the GyroGlove, the flagship product of his medical device company, GyroGear. Read on to learn more.
Dr. Joon Faii Ong and his United Kingdom-based medical device firm, GyroGear, recently secured funding totaling $4.3 million (about £3.1 million) during the first phase of its angel funding round. Electronics maker Foxconn Technology Group, which invested £1 million in the company, led the funding round. The funding will be used to help the company to develop its flagship product: a wearable tremor-reducing medical device called the GyroGlove.
Along with Foxconn Technology Group, participating investors in the recent funding round include a venture builder from Singapore, Fidelium Group, and the United Kingdom Government Future Fund.
Benefits of the GyroGlove
The GyroGlove stands out for being the first medical device in the world that can be worn. It features groundbreaking mechanical gyroscopes that are satellite grade and aerospace technology that swiftly and effectively counteract hand tremors. The glove can therefore help patients who suffer from hand tremor to complete their daily activities with ease. This helps not only the patients but also their family members and caregivers, according to Dr. Ong.
Individuals who would benefit the most from the GyroGlove include patients who suffer from essential tremor and Parkinson’s disease. These life-altering conditions affect more than 200 million individuals across the globe.
Next Steps for GyroGear
GyroGear intends to use the seed funding it recently secured to perform clinical trials involving the GyroGlove. The funding will also be used for further research and development and to secure regulatory approval.
Dr. Joon Faii Ong said he is pleased to partner with Foxconn Technology Group, giving his company access to the advanced capabilities and technologies it needs to create the GyroGlove, which will then be launched internationally. Foxconn Technology Group Chairman Young-way Liu recently echoed Dr. Ong’s sentiment, stating that he looked forward to bringing the wearable device to Asia.
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