Belfast-based health tech company, Neurovalens, has raised £5.1 million in funding led by IQ Capital.
Wharton Asset Management Company, The Angel CoFund (ACF), Techstart Ventures, Clarendon Fund Managers, and the Government’s Future Fund also contributed to the funding round.
The funding will be used for clinical trial research and development in the UK and abroad, as well as hiring additional staff.
This will facilitate the development of Neurovalens’ technology, which is going through FDA and EU regulatory approvals, towards use as an approved medical treatment around the world.
WHY IT MATTERS
Created in collaboration with research facilities at the University of California San Diego, Neurovalens’ technology aims to influence the brainstem and hypothalamus in a non-invasive way to cure or treat neurological diseases, without the need for implanted electrodes.
Neurovalens is in the final phase of trials for obesity, and aims to have approval for insomnia and anxiety devices in the next 12 months, with diabetes trials planned for 2021.
THE LARGER CONTEXT
Meanwhile, Israel-based startup, NovaSight, raised $8 million in Series A financing to tackle vision disorders worldwide, with plans to work on additional products that would allow for automatic detection and monitoring of retinal diseases and cognitive dysfunctions such as dyslexia and ADHD.
Earlier this month, RapidAI, a health tech company specialising in stroke imaging, received clearance from the FDA for its Rapid ASPECTS neuroimaging analysis device.
ON THE RECORD
CEO and co-founder of Neurovalens, Dr Jason Mckeown said: “We are delighted to receive this investment and support at such a critical time for our business. Our work in the US and the success of the trials we have run to date have demonstrated the potential of our technology and encouraged us to pursue other applications. With this financing and the backing of our investors we can accelerate our mission of delivering effective and non-invasive solutions for some of the most common and debilitating medical conditions.”
Kerry Balwin, managing partner of IQ Capital said: “IQ Capital is delighted to further support Neurovalens on their mission to deliver medical technology that can transform the lives of those who suffer from metabolic or neurological diseases. This funding, will allow Neurovalens to accelerate their entry into the US healthcare system and to establish the technology as doctor-prescribed treatments for four of the biggest global health epidemics.”