Belfast-based health-tech startup Neurovalens has announced yesterday it has raised £5.1 million in funding to bring its neurostimulation technology to healthcare.
Neurovalens’ non-invasive technology consists of a headset that can help treat a number of conditions, including insomnia, diabetes, anxiety and obesity, and is now seeking regulatory approval.
The latest funding round was led by IQ Capital. Wharton Asset Management Company, The Angel CoFund (ACF), Techstart Ventures and Clarendon Fund Managers, and the company received additional support through the UK Government’s Future Fund Programme.
The fresh funds will be used to build on the company’s successes in clinical trials and support new research, as well as develop the headset further so it can be used to treat more medical conditions. Funds will also be used to hire new team members and grow the company both in the UK and abroad.
“We are delighted to receive this investment and support at such a critical time for our business,” said CEO and co-founder of Neurovalens Dr Jason Mckeown.
“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.”
Neurovalens, which has offices in Belfast and San Diego, was founded in 2015 by Dr Jason McKeown and neuroscientist Paul McGeoch, in collaboration with prominent research facilities at the University of California San Diego.
Their mission is to use technology to influence the hypothalamus and brainstem in the least invasive way to treat or cure neurological diseases, without the need for implanted electrodes.
Neurovalens are currenlty seeking FDA and EU regulatory approval to bring the medical technology to healthcare and finally use it as a licensed medical treatment. The startup is finalising their trials for obesity and plans to get approval for other conditions like insomnia and anxiety in the coming year, with trials for diabetes scheduled for 2021.
“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,” commented Kerry Balwin, Managing Partner of IQ Capital.
“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,” Balwin added.
