Tympany Medical Launches €600K Funding Round for Innovative Endoscope

Tympany Medical, a Galway-based company specializing in advanced surgical endoscopes, has initiated a fundraising campaign aiming to secure €600,000 through Crowdcube. This effort is part of the Employment and Investment Incentive Scheme (EIIS), which offers a 50% tax rebate for investors. The funding round is designed to attract both experienced investors and newcomers looking to diversify their portfolios while supporting medical innovation.

The company has developed the Solascope, an endoscope platform set to address the growing demand for endoscopic visualization in approximately 20 million procedures conducted annually. Initially focusing on ear, nose, and throat (ENT) surgery, Tympany Medical has introduced cutting-edge camera technology featuring a variable-angle lens and integrated cleaning systems.

Innovative Approach to Surgical Procedures

Tympany Medical’s design emphasizes sustainability, aligning with the trend towards single-use medical devices. The endoscope platform minimizes waste while ensuring optimal sterility and safety for patients and healthcare providers alike. The solution not only reduces recovery times for patients but also enhances efficiency for surgical teams.

“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,” stated Charlie Wilhelm, the company Chairperson. “This hybrid design significantly reduces medical waste in the operating room without compromising patient outcomes or surgeon preference. This is a major sustainability win for healthcare.”

The momentum behind Tympany Medical is propelled by a strategic leadership realignment. Dr. Elizabeth McGloughlin, the co-founder and former CEO, has transitioned to the role of Vice President of Strategy, Clinical and Business Development. This move 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,” Dr. McGloughlin explained. “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 a key strategic decision. His background in business and engineering complements Dr. McGloughlin’s clinical expertise. Together, they aim to enhance the company’s performance and vision.

“Our solution offers better visibility, improved ergonomics for surgeons, and a more sustainable practice,” Gilmore emphasized. “We’re not just improving procedures; we’re reshaping what modern surgical tools should be.”

Future Growth and Market Readiness

Tympany Medical currently employs 15 individuals and has outlined a scalable roadmap for its future. The €600,000 investment is part of a broader funding initiative targeting €4.5 million, which will be allocated to the company’s growth strategies, product refinement, and early market deployment.

This campaign is pivotal for accelerating Tympany Medical’s efforts towards obtaining regulatory approvals, establishing global partnerships, and achieving commercial readiness. With its innovative approach and commitment to sustainability, Tympany Medical is well-positioned to make a significant impact in the medical technology sector.