In the latest development, Neurovalens, a MedTech company that delivers innovative solutions in the field of neuroscience, bioscience and neurophysiology has secured £5.1 million (approx €5.6 million) funding.
Clinical trial research, expansion and more
The round was led by Q Capital, with additional investment from Wharton Asset Management Company, The Angel CoFund, Techstart Ventures, Co-Fund II managed by Clarendon Fund Managers, and the UK government’s Future Fund. The Belfast-based company intends to use the funding to conduct clinical trial research, develop technology’s application, and hire new team members.
Dr Jason Mckeown, Neurovalens, CEO and co-founder, “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.”
Stimulates brainstem and hypothalamus in a non-invasive way
Founded by Jason McKeown, and Paul McGeoch in 2015, Neurovalens in collaboration with the University of San Diego, develops technology that stimulates brainstem and hypothalamus in a non-invasive way to treat neurological diseases, without any implanted electrodes. The company’s first product is Modius, a wearable device for stimulating the brain’s metabolism functions.
Waiting for FDA & EU regulatory approvals
Right now, the company is going through FDA & EU regulatory approvals for its Neurovalens technology for approved medical treatment around the world. As per the company claims, Neurovalens is in the final phase of trials for obesity and aims to gets approval for insomnia & anxiety devices in the next 1 year months and diabetes trials planned for 2021.
Kerry Balwin, Managing Partner of IQ Capital commented: “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.”
Main image credit: Neurovalens