machineMD secures CHF 3.2 million to radically improve early diagnosis of brain disorders

26.09.2022 15:00, Tracy Woodley

MedTech startup machineMD convinced investors and secured CHF 3.2 million, oversubscribing their seed round by 50%. The main investor is the Guido Fluri Foundation, which is committed to the fight against brain tumors. machineMD is developing a medical device for the early diagnosis of neurological disorders including brain tumors via neuro-ophthalmic examinations. CEO Dominic Senn participated in the Innosuisse Business Creation Medtech program in Basel in 2020. We interviewed CEO Dominic Senn to learn more about the creation of his startup and his vision for the future.

machineMD is a spin-off of the University Hospital of Bern, Inselspital, founded by Prof. Mathias Abegg, MD, Ph.D., and a team of entrepreneurs and medical device experts. Their goal is to bring the diagnostic quality of a highly qualified tertiary care specialist to where it is needed most, in primary and secondary care. 

In collaboration with Inselspital, CSEM, and Helbling, the company was awarded an Innosuisse project of CHF 1.25 million to fully develop a prototype device. The seed funding of CHF 3.2m is complemented by a convertible note of CHF 1.2 million committed in 2021, which will now be converted into equity. machineMD was further supported by a financial contribution from the Canton of Bern. The market launch of machineMD's first product is planned for the end of 2023. 

machineMD is developing a novel diagnostic device that enables complete, standardized, and automated neuro-ophthalmic examinations. Uniquely combining virtual reality and artificial intelligence, the device will measure biomarkers such as eye and pupil movements that can be used in the early diagnosis of brain diseases such as stroke, multiple sclerosis, and brain tumors. It will allow doctors and optometrists to perform eight fully automated examinations within 10 minutes and provide quantitative, objective, and reproducible measurements.  

The most significant investor in this seed round is the Guido Fluri Foundation, which is committed to improving the diagnosis and treatment of brain tumors. The Guido Fluri Foundation is a leading member of the investor club associated with the Sitem Startup Club (SSC) in Bern, led by chairman Daniel Buser.  

"This seed round showed us the Sitem Startup Club is not only a place where MedTech startups get office space, find a lively community and coaching, but also gave us access to an exclusive and active investor club,” explains Dominic Senn, CEO of machineMD. "For us, as well as for other MedTech startups, such a comprehensive funding offer with a strong financing component is a key success factor that shows how well Bern is positioned in the field of translational medicine." 

Source: machineMD press release and website.

We interviewed CEO Dominic Senn to learn more about the creation of his startup and his vision for the future.

Dominic, what was your inspiration to found machineMD?
I was very excited about this project for three reasons. First, I was looking for a project that has a positive impact. machineMD clearly has a positive impact as we will radically improve the early diagnosis of brain diseases, which may cause irreversible brain damage if not diagnosed at an early stage. Second, I was looking for a project that applies novel but proven technologies to an existing problem that is worth solving. Thirdly, after interviewing many ophthalmologists and neurologists I realized that our project solves a need many practitioners are already aware of. Adding to the favorable reimbursement situation, it was clear to me that we have a good chance to bring our solution to relevant stakeholders at scale. This is crucial when it comes to having a real-world impact on patients and building a profitable business.

machineMD participated in an Innosuisse training in 2020 (Business Creation Medtech in Basel). How did it help you lay the foundation for your growth and today's achievement?
The Innosuisse workshop helped me a lot to start the machineMD project. It gave a good overview of topics that are specific to the field of medtech, including the importance of KOLs and navigating the regulatory environment. It also helped me to establish first contacts and to build up my network to find the right experts who have supported us along the journey we have taken so far.

What is your advice for the potential medtech entrepreneurs launching companies in Switzerland today?
Understand the medtech regulatory environment; this differs considerably compared to other highly regulated environments such as finance and banking. Create a direct dialogue with medical doctors and patients to test the clinical relevance of your solution from their perspectives. You need medical practitioners that have a stake in your project because otherwise, it will be hard and very expensive to get this expert support. Also important is to have a look at the reimbursement side as early as possible. You should develop a clear plan for what can be captured via existing reimbursement systems and a view of the lengthy process of obtaining new reimbursement codes that better capture the value you will create.

Learn more about the Innosuisse Business Creation Medtech training program.