iotaMotion Inc., an Iowa City-based company developing advanced robotic-assisted systems for cochlear implant surgery, has announced the company has oversubscribed its $12 million Series A capital raise. The company closed the round with support from a select group of venture capital firms, private investors and current shareholders. The lead investor was Research Corporation Technologies, Inc. (RCT) with participation from Mutual Capital Partners, ISA Ventures and Next Level Ventures. Christopher Martin, president of RCT, and Wayne Wallace, co-founder and managing partner of Mutual Capital Partners, will join iotaMotion’s board of directors. The capital raised in the Series A round will fuel commercial expansion of the iotaSOFT Insertion System, which assists surgeons in implanting cochlear implants. “The completion of this funding represents the next stage of iotaMotion’s growth as we look to capitalize on a first-to-market opportunity in the United States and expand to markets around the world,” Mike Lobinsky, CEO of iotaMotion, said in a press release. The company is also adding three new members to its Scientific Advisory Board, including Dr. Bruce Gantz, neurotologist and professor at the University of Iowa, and Camille Dunn, research audiologist and director of the University of Iowa Cochlear Implant Clinical Research Center.
