Joon Faii Ong, MD, Receives $4M in Startup Funding for Medical Device GyroGlove
Industry: Healthcare
Dr. Joon Faii Ong, the founder of medical device company GyroGear, recently received $4.3 million in startup funding for his groundbreaking product the GyroGlove. Read on to learn more.
London, UK (PRUnderground) December 9th, 2021
Dr. Joon Faii Ong and his cutting-edge medical device firm, GyroGear, recently received $4.3 million (or £3.1 million) in the first phase of its startup funding round for its groundbreaking GyroGlove—the first wearable medical device in the world for patients suffering from neuromuscular issues. Foxconn Technology Group led the recent funding round.
Dr. Ong developed the GyroGlove due to his passion for improving the quality of life of people with hand tremor stemming from such nerve disorders as essential tremor and Parkinson’s disease. Hand tremor is characterized by uncontrollable shaking, which makes simple tasks hard to carry out on a daily basis. This leaves patients feeling frustrated, and it has also been known to cause mental trauma.
In 2014, medical student Dr. Ong presented his GyroGlove idea during the Imperial Venture Catalyst Challenge, a business competition. Two years later, he founded GyroGear and used clinical trials to develop the GyroGlove, which features satellite-grade gyroscopes designed to reduce hand tremors.
In 2018, GyroGear served as Imperial’s representative at the World Economic Forum, and it was also named a finalist at a global startup competition called the Falling Walls Venture. GyroGear then received €1.8 million from the European Union’s Horizon 2020 program. The $4.3 million investment that the company recently received will be utilized for additional research and development.
According to Dr. Joon Faii Ong, with the help of Foxconn Technology Group’s industry-leading technology, the GyroGlove will be able to close an essential medical field gap. His goal is for the glove to successfully address the pressing needs of more than two million patients worldwide in the years ahead.
Click here to learn more about the Imperial Venture Catalyst Challenge, Imperial’s flagship competition for entrepreneurs. Also, visit GyroGear’s LinkedIn page to discover the latest updates on GyroGear and its flagship product, the GyroGlove.
Disclaimer: The news site hosting this press release is not associated with GyroGear. It is merely publishing a paid press release announcement submitted by a company, without any stated or implied endorsement of the person, product, service, or information above.
