IDUN Technologies completes first financing round

 

The specialist in biosensor technologies, IDUN Technologies has completed the first financing round with contribution from private investors, family and venture kick. The funds will facilitate industrialisation and market entry of their first product.

 

IDUN Technologies is developing soft and surface-structured electrodes/sensors based on silicone materials to facilitate wear comfort  and increased signal quality – without the need of any gel –during bio potential recordings with clinical-grade performance (ECG, EEG, EMG). The electrodes are skin-conformal, flexible, soft and contain adhesive properties that are capable of reducing motion artefacts, as opposed to existing dry electrodes. This allows for higher recording quality for accurate data analysis.

Early this year, the startup completed the first pilot projects with Red Bull Media House GmbH and Abios GmbH in the Hahnenkamm ski race and at the Biathlon Arena in Lenzerheide with up-and-coming talents. With Uwatec AG / Scubapro, the startup implemented a waterproof test setup for ECG recordings in divers and initiated a clinical study with HerzKlinik Hirslanden.

The startup has now finalised its seed financing round in which it surpassed its investment goal. Participants in the round include private investors, family members, the Swiss Startup Group and Venture Kick. According to Bachmann, the amount will be sufficient to complete the industrialization and bring the first product to the market.

The Zurich based company is currently working with five customers to complete feasibility studies ranging from muscle monitoring (EMG) to brain monitoring (EEG) and cardiac monitoring (ECG). “The first feasibility studies help us to understand challenges and difficulties for different applications. Thanks to the results, we will proceed to the ramp up of production throughout 2018”, said Simon Bachmann, CEO and co-founder of IDUN.

Other milestones include the appointment of Andrew Moore, the ex-CFO of LifeWatch AG, to the position of CFO. Moore brings his broad experience from the medical industry to support IDUN on their journey. The company further counts on the dedication of its four other full time and one part time employee under management of the co-founders Séverine Chardonnens and Simon Bachmann. The co-founder duo was just recently appointed “Forbes 30 under 30 DACH”.

In addition, it was selected to join the venture leaders trip in Boston where contacts for the Series A could be made and customer visits happened. The startup also participated in the venture leaders program in South Africa.

Next steps for IDUN
IDUN is currently in the process of finalising its industrialization project with the Technische Hochschule Buchs. The startup signed collaboration with the ZHAW University Chair of Product Management in Winterthur for a project to establish a supply-chain distribution strategy and initiated an industrialization concept. The project is scheduled to end by the end of July.

Furthermore, IDUN plans to run another project with the Innosuisse and an additional academic partner to upscale production. It will conduct the first customization studies with partners as of Q3 2018. Moreover, the team will select a manufacturing partner as well as perform all necessary market approval tests for the ISO and CE certifications for the non-medical biosensor electrode.

(RAN)