Only have 1 minute? Here are 3 key takeaways:
- Despite a 67% increase in overall venture financing in medtech since 2017, investors are cautious about early-stage technologies, according to Delotte’s report.
- NeuroVirt, a startup with a Greek founder, specializing in immersive virtual reality technology for motion rehabilitation, signifies a shift, as the company secures $2M in public and private funding.
- Genesis Ventures, a Greek VC fund, participates in the investment, alongside Thaleia Misailidou, advisor and investor in deep tech startups, and other investors.
Central and Southeastern Europe is a nurturing ground for some of the most innovative medtech startups in recent years with emerging ventures like Kelvin Health, Phytonet, Telios, and more. According to the latest Industry Medical technology report, the medtech industry’s strong performance over the past few years is driven by the demand for non-imaging diagnostics and research equipment. Therefore, investment in thе MedTech innovation ecosystem is crucial for bringing new products to market.
But while overall venture financing in medtech increased 67% since 2017, VCs are still hesitant to invest in unproven early-stage technologies, focusing instead on late-stage diagnostic and digital companies.
A different example emerged recently with Genesis Ventures‘ latest investment, an angel co-investment fund, supporting early-stage founders in Greece & SE Europe. They have announced its support for NeuroVirt, a startup, specializing in the implementation of immersive virtual reality technology for motion rehabilitation.
The company secured $2M in public and private funding. NeuroVirt’s plan is to utilize the investment in focusing on the UK market growth by delivering commercial contracts and creating new commercial opportunities. Furthermore, the aim is to continue the expansion into the US market through healthcare providers. The potential contract is estimated around $20M per annum realizing fast ROI, according to the company’s predictions. The EU market presence will be aimed at 2025-2026.
Hеlping Strokе Survivors Livе a Bеttеr Lifе
The founder, Dr. Eve Gregoriou, is a Greek entrepreneur with expertise in clinical and movement neurosciences, based in London. She explored stroke-specific motor rehabilitation during her PhD at UCL in the Department of Clinical and Movement Neurosciences. “This is where I realized that stroke survivors’ long-term needs were unmet by current healthcare systems as they are overloaded”, she shared with The Recursive.
Her company, NeuroVirt, is focusing on rehabilitation for individuals recovering from movement impairments. Stroke survivors, along with individuals coping with various neurological conditions, frequently undergo prolonged rehabilitation periods, and strict adherence to exercise plays a pivotal role in reaching their full recovery potential.
The solution addresses all upper-limb impairment needs and adjusts to patients’ abilities. It integrates AI algorithms, through gaming experiences, which monitor and correct patients’ movements in real-time during exercises. It caters to various conditions, including post-stroke, traumatic brain injuries, spinal cord injuries, multiple sclerosis, Parkinson’s, and musculoskeletal conditions.
In the future of medtech, the insights, and analytics derived from data can be more valuable and impactful than the device’s standalone features. NeuroVirt’s VR supports the rehabilitation process, providing comprehensive data track analytics for clinical monitoring.
“NeuroVirt tracking technology sets them apart, delivering remarkable effectiveness and better patient outcomes. The investment opportunity became highly compelling. As an angel investor, I want to be backing exactly this type of ambitious founders who are truly changing the world”, shared Thaleia Misailidou, advisor and investor in deep tech startups.