Galway Firm Tympany Medical Launches €600K Funding Round

Tympany Medical, a Galway-based company innovating in the field of surgical technology, has initiated a fundraising campaign seeking €600,000 through Crowdcube under the Employment and Investment Incentive Scheme (EIIS). This funding round aims to attract both experienced investors and newcomers looking to diversify their portfolios while supporting advancements that enhance patient care.

The funds will support the development of Tympany’s flagship product, the Solascope, an advanced endoscope platform designed to meet the needs of the estimated 20 million procedures annually requiring endoscopic visualization. The company has begun its market entry focusing on ENT (Ear, Nose, and Throat) surgery, incorporating state-of-the-art camera technology with a variable-angle feature and an integrated cleaning system.

Innovative Design and Sustainability Goals

Tympany Medical is capitalizing on the growing trend towards single-use medical devices by creating a sustainable endoscope platform that minimizes waste while ensuring maximum sterility and safety for patients. This innovation not only enhances the surgical experience for medical teams but also aligns with environmental sustainability efforts.

Charlie Wilhelm, Chairperson of Tympany Medical, emphasized the company’s unique approach: “What’s innovative about our approach is that while the market is shifting from reusable to single-use devices for sterility and safety reasons, we’re introducing a single-use endoscope with a sterile, reusable handle.” He added that this hybrid design significantly reduces medical waste without compromising patient outcomes or surgeon preferences, marking a significant victory for sustainability in healthcare.

Central to the company’s recent progress is a strategic leadership shift. Co-founder and former CEO Dr. Elizabeth McGloughlin has transitioned to the role of Vice President of Strategy, Clinical and Business Development. This change acknowledges the necessity for a team-oriented approach to sustainably scale the business.

“In fast-growing companies, especially in MedTech, leadership isn’t about titles; it’s about clarity and playing to strengths,” stated Dr. McGloughlin. “Stepping into a focused role where I can drive opportunity, partnerships, and business development has allowed us to accelerate growth.”

The appointment of Michael Gilmore as CEO was another pivotal decision. His expertise in business and engineering complements Dr. McGloughlin’s clinical background, jointly enhancing the company’s operational performance and strategic vision. “Our solution offers better visibility, improved ergonomics for surgeons, and more sustainable practices,” Gilmore remarked. “We’re not just improving procedures; we’re reshaping what modern surgical tools should be.”

Future Growth and Investment Strategy

With a current team of 15 employees and a clear roadmap for scalability, Tympany Medical is gearing up for a new phase of commercial acceleration. The €600,000 investment is part of a larger funding round targeting €4.5 million, which will be pivotal in driving the company’s growth strategy, refining its products, and facilitating early market deployment.

This funding campaign is expected to expedite Tympany Medical’s journey toward obtaining regulatory approvals, establishing global partnerships, and achieving commercial readiness. As the company positions itself to innovate within the surgical tools sector, it aims to make a meaningful impact on patient care and environmental sustainability in medical practices.