Medtech Startup GyroGear raises US$4.3m in Phase One of Seed Round led by Taiwan Manufacturing Giant Foxconn

SINGAPORE – Media OutReach – 25
February 2021 – UK-based neuromuscular medical device
company, GyroGear Ltd has just concluded phase one of its seed round fundraise.
This round was led by Foxconn Technology Group, the world’s largest and
foremost electronics manufacturer. Foxconn has invested £1 million (US$1.41 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.

Chairman Young-way Liu (right) and Dr Faii Ong (left) at Foxconn Technology Group, Taipei.

GyroGear
is developing a wearable 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 $51.9 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.

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
international launch.”

GyroGear’s
flagship product, the GyroGlove™, is the world’s first and only wearable medical device that adopts
cutting edge aerospace technology and satellite-grade mechanical gyroscopes. The technology effectively and
swiftly counteracts hand tremors, thus restoring normal use of the hand.
Lightweight and efficacious, the GyroGlove™ unobtrusively
empowers users to overcome their daily challenges, offering hope to the millions
of tremor sufferers worldwide who struggle with everyday tasks.

Potential users include those with
Parkinson’s Disease and Essential Tremor, with both conditions affecting over 200
million people worldwide. Prevalence of both diseases has been rapidly
increasing this past decade. Current therapies include medication and
neurosurgery. Medication is accompanied by significant side effects. Whereas
neurosurgery is limited to a small minority of patients due to its inherent
risks. There is currently no cure for hand tremors.

“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=∞” vision, which symbolises the infinite possibilities created by
Foxconn’s industrial advancement and emerging technologies,” said Young-way Liu, Chairman of
Foxconn Technology Group.

Paul Lim, Chairman of Fidelium Group and
Senior Advisor to GyroGear Ltd added, “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.”

The
funds raised will be used for clinical trials, regulatory approval and further
R&D. This round closes March 2021.