News
Gaelan Medical Reveals Smart Helmet To Treat Mental Disorders
The helmet is able to reach deep inside the brain and target a specific region through a method called transcranial stimulation.
The percentage of young adults experiencing certain types of mental health disorders around the world has increased significantly over the last decade. We can blame our increasingly digital way of life, the impact of social media, or various other social and even environmental factors. But regardless of what the root cause is, the impact is always the same: people living less satisfying lives. The good news is that there are many health-tech companies that are actively trying to treat mental disorders using state-of-the-art technology. Among them is UAE-based healthcare and beauty distribution company Gaelan Medical.
During Arab Health 2021, a global healthcare event that took place in June at the Dubai World Trade Center, Gaelan Medical unveiled its smart helmet, which uses artificial intelligence and deep transcranial magnetic stimulation to treat depression, obsessive-compulsive disorders, and smoking.
“The new device uses innovative technology, which requires less time and offers maximum comfort to the patients,” said Ammar Martini, Board Directors Member and Medical Scientific Officer at Gaelan Medical.
The helmet is able to reach deep inside the brain and target a specific region through a method called transcranial stimulation, making it completely non-invasive and thus comfortable for its user.
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Now that the helmet has been officially revealed to the whole world, Gaelan Medical would like to make it available to as many people as possible. “We have already built a base of integral partnerships in the region, and we look forward to expanding our relations, developing along the way a better future with care and cure,” said Bino John, Division Head at Gaelan Medical during the Arab Health 2021 event.
Hopefully, smart health products such as Gaelan Medical’s helmet will soon be not only available across the world but also affordable enough so that all people who suffer from mental health issues can use them.
News
Paymob Extends Series B Funding To $72M Amid Continued Growth
The financial services provider has secured an extra $22 million after strong performance in its core market of Egypt.
Leading financial services provider Paymob has secured an additional $22 million in a funding extension, bringing its Series B total to $72 million.
The funding was spearheaded by EBRD Venture Capital, with support from Endeavor Catalyst. Existing backers such as PayPal Ventures, BII, FMO, A15, Nclude, and Helios Digital Ventures also participated, reaffirming their confidence in Paymob’s business model and potential in the regional fintech industry.
This extension comes on the back of Paymob’s strong performance in its core market of Egypt, where it has experienced 6x revenue growth since the initial Series B in Q2 2022. With the Series B extension and continued profitability in Egypt, Paymob is well-positioned to further its expansion strategy across the MENA region.
Islam Shawky, Co-founder and CEO of Paymob, commented: “We are very excited by our strong prospects in Egypt – where we hold a market-leading position – and the significant traction experienced in the UAE since launching operations there. This funding will help Paymob fully capitalize on the momentum in our established markets, as we accelerate our GCC roll-out. We remain committed to creating cutting-edge infrastructure enabling SMEs across the region to thrive in the digital economy and are proud of our continued impact”.
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The expansion into GCC markets has been driven by Paymob’s initial Series B funding of $50 million, raised in 2022 and led by Kora Capital, PayPal Ventures, and Clay Point. The investment fueled Paymob’s growth, allowing it to launch its mobile app in 2023 and grow its merchant base by 3.5 times, now serving nearly 350,000 merchants across MENA.
Paymob has also expanded its payment acceptance suite to offer 50 payment methods through its gateway, POS terminals, and the Paymob app, providing the region’s most comprehensive fintech solution. The company recently introduced embedded checkout services for Shopify and WooCommerce, further demonstrating its commitment to empowering small and medium businesses across the region.
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