This week, The Startup Club features Aurimod - Founded in 2015, Aurimod is a Spin-Off of the Medical University of Vienna and the Vienna University of Technology, and is now a commercial stage medical device company. Their product VIVO offers a unique non-pharmacological and minimally invasive approach to treat chronic low back pain.
The product VIVO is a wearable neuromodulation device, which is worn behind the ear to stimulate the auricular vagus nerve, and by this triggers the brain to fight pain sustainably. The stimulation can be personalized to the individual needs of the patient. Furthermore, Aurimod develops digital solutions to improve pain monitoring and objective biomarkers for pain and is committed to offering user centric solutions for comprehensive pain management allowing for better quality of life and therapy optimization.
Aurimod CEO Stefan Kampusch shared his experience with us.
When asked what made him become an entrepreneur, Stefan replies:
"Working on this project during my studies at the Vienna University of Technology fascinated me. I wanted to bring our research work with such high potential to the market and make our technology available to as many doctors and pain patients as possible."
With highly inspired and motivated ideas for the products like VIVO, there are also challenges one has to face and Stefan says that "the most challenging part at the moment is to bring together everything to scale our business based on the first successes on the Austrian market."
Another challenging aspect that they face is in fundraising where, "as a medical device startup with hardware and software products it was hard for them to find the right investors focusing on such applications and willing to go the full way of establishing a new technology in the medical field together with Aurimod." Having said this, the startup is currently seeking € 3 million in funding.
Despite the challenges and difficulties "To do what is your passion" is the startup's go to motivation as the most rewarding aspect of entrepreneurship.
If you are curious to learn more about Aurimod, here is their website: www.aurimod.com