Belfast medtech startup Neurovalens grabs €5.4M funding for its weightloss headband

Belfast medtech startup Neurovalens grabs €5.4M funding for its weightloss headband

This article will take you 2 minute(s) to read

A Belfast-headquartered technology startup, Neurovalens has developed a headband which can help users lose weight. Also recently, the company has grabbed £4.6 million (€5.4 million) in a highly successful ‘Series A’ funding round, one of the largest ever raised by a Northern Ireland startup.

The funding raise was led by London-based Wharton Asset Management with long-term backer TechStart Ventures also participating. Other backers included IQ Capital, Beltrae Partners, Co-Fund NI and the Angel CoFund.

Neurovalens was established in 2015 by Dr Jason McKeown and neuroscientist Paul McGeoch was elected as Northern Ireland’s best startup in the Invest NI Propel Programme awards the same year.

The company has also created in the past Modius, a headband that stimulates the part of the brain associated with appetite and cravings.

Dr McKeown noted the investment will allow for further medical trials in the areas of obesity and type 2 diabetes and is also to be used to support the company’s wider research into issues such as insomnia, mental health and epilepsy.

“This latest wave of funding is vital as it will propel our work to a new level,” he said. Dr McKeown said the company expects to get medical approval for Modius within the next 12 to 18 months.

“With the concept now proven our immediate focus is on the development of neurological science to tackle the wider health and lifestyle issues affecting today’s generations. It’s a very exciting time for our business,” Dr McKeown added.

Neurovalens previously raised more than €1 million in late 2017 in a crowdfunding round on Indiegogo, with the campaign receiving backing from more than 4,000 people in 84 countries.

Talking about the importance of the funding round, Jamie Andrews of Techstart Ventures reportedly added: “We are very proud to have been investors in Neurovalens from its earliest days.

Stay tuned to Silicon Canals for more updates in the tech startup world.

5 most successful crowdfunding campaigns on the most active funding platform in UK

Leave a Reply

*