The funds will be used to support the company's ongoing clinical programmes, expected FDA approval, and the launch of an nVSM technology-based wearable device
Otolith Labs, a US-based medical technology company, has raised $20m in a Series A financing round for developing non-invasive wearable medical devices intended for the treatment of vestibular disorders.
The funding came from Morningside Ventures, a technology and life science venture investment firm.
The medical technology company will use the funds to support its ongoing clinical programmes, expected approval from the US Food and Drug Administration (FDA), and the maiden commercial roll-out of a non-invasive vestibular system masking (nVSM) technology-based prescription wearable device.
The wearable headband designed by Otolith Labs aims to treat chronic vertigo by vibrating and interacting with the inner ear’s motion sensors, which may minimise vertigo symptoms.
Anthony Aiudi from Morningside Ventures said: “The team at Otolith Labs has developed a truly novel technology that could fundamentally change how chronic vertigo is treated today.
“Otolith Labs is leading the charge in developing a non-invasive and non-pharmacological therapy for those who have chronic vertigo and we look forward to being a part of this incredible journey.”
Last year, the medical technology company closed a $3.3m seed round and secured FDA Breakthrough Device Designation for its medical device for the prescription treatment of chronic vertigo.
Otolith Labs will shortly begin recruiting participants for its study to further assess nVSM’s efficacy as a chronic vertigo treatment.
Otolith Labs CEO and founder Sam Owen said: “The closing of our Series A financing led by the expert team of investors at Morningside and the continued support of our existing investors underscores the growing momentum for the first wearable solution for a debilitating problem that adversely affects millions of Americans.
“The responders in our pilot studies reported instantaneous relief from their vertigo symptoms. The data from those studies support our plan to release our nVSM technology as an effective and well tolerated therapy for chronic vertigo.
“We founded the company to improve lives and with Morningside’s support, we are on the path to make this vision a reality.”