IRegained – 9 February
IRegained has developed the MyHandTM System, a proprietary MedTech rehabilitation system intended to help a patient improve/regain hand function following a stroke, by leveraging the human brain’s inherent ability to heal itself (neuroplasticity). The Class I device is a low cost/high efficacy solution that can be used by a stroke victim both in the rehab clinic and, via telemedicine, under the supervision of a therapist, at home.
The company’s primary source of competition is expensive robotic systems from Hocoma, Sinfonia, and Tyromotion along with passive devices, such as bands and spring-loaded gloves, which are inexpensive but have limited effectiveness. IRegained provides most of the benefits offered by the currently available, highly sophisticated, active robotic rehabilitation systems, but at a fraction of their cost.
IRegained does not compete directly against the robotic systems vendors; rather, they complement their offerings by filling a large gap in the market; they provide a cost-effective means for patients to continue their therapy, at home, between rehabilitation sessions that use robotic devices. In addition, IRegained’s MyHandTM system is accessible, affordable, and portable, and most importantly can be used by stroke survivors, at home, under the supervision of their therapists.
IRegained has grown from 4 employees to 17, with 9 FTEs, within a span of 18 months despite the challenges posed by COVID-19. They have gained significant interest from various customers to use their MyHandTM System. Some of them are outlined below:
– 7 Physiotherapy clinics have been identified to be centers for initial clinical validation using their MyHandTM System. All identified clinics have submitted a letter of interest to purchase the IRegained MyHandTM System for their clinics as soon as the commercial product is available.
– Volunteer stroke survivor participants in the clinical validation process have all indicated a desire to purchase MyHandTM System.
– Researchers from the University of Toronto (Sunnybrook Hospital & Baycrest Hospital), McMaster University (Hamilton General Hospital), McGill University, Tel Aviv University, Sheba Medical Centre, University of Texas and Christian Medical College & Hospital, have all indicated a keen interest in using MyHandTM in clinical validation trials to explore the various benefits.
Unfortunately, due to the pandemic, their clinical research has been paused. They are eagerly waiting to restart clinical validation trials.
Their biggest hurdle has been raising sufficient capital to complete the Product development and to generate early customer traction with KOLs. They are talking a multi-faceted approach to overcome this challenge:
1) They are looking at all possible Non-Dilutive Grant options available
2) Targeting investment opportunities from various avenues
IRegained is raising a $2M USD pre-series A round. The capital raised will be used for:
– Finalizing product development and initiating manufacturing
– Sales training & support
– Sales & Marketing hires
– Marketing & communication
– Customer development & clinical validation
– IP protection
IRegained received $250,000 from Angel investors in a Seed round followed by $125,000 from a Provincial Government investment organization. They also received a Seed Plus round of funding for $262,000 and Provincial funding of $250,000 (Non-dilutive, September, 2020). This year, they raised a special “COVID-19 Convertible Debenture” round of $ 250,000.
They are looking to expand in these areas over the next 12-18 months:
1) Product Development & Manufacturing
– Additional Software/Web Developers
– Additional Engineers
– Assembly Technicians
2) Clinical and Scientific Research
– Physical Therapists, Kinesiologists and physical therapy assistants
– Data Scientists
3) Marketing, Sales and Business development
– Sales Hires
– Technical Sales Support resources
IRegained will employ a B2B business model and sell their products through the following channels:
1) System sales: IRegained MyHand Systems
2) Cloud-based services through a SaaS model
They will eventually transition into a B2B2C business model to reach clients through the clinicians.
Headquarters: 1545, Maley Drive, Sudbury, ON, P3A 4R7