Belfast start-up has found a way to treat anxiety, diabetes and obesity using non-invasive smart devices.
Belfast healthtech player Neurovalens has raised £5.1m in a funding round led by IQ Capital.
Also involved in the round were Wharton Asset Management Company, the Angel CoFund (ACF), Techstart Ventures, Clarendon Fund Managers, and the Government’s Future Fund.
“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”
The company’s technology was created in collaboration with the University of California San Diego and is designed to influence the brainstem and hypothalamus in a non-invasive way to cure or treat neurological diseases without the need for implanted electrodes.
Neurovalens will use the funding for clinical trial research and development as well as hiring additional staff.
The company’s technology is currently undergoing FDA and EU regulatory approvals.
“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 is already 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.
“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,” said Kerry Balwin, managing partner, 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.”
Written by John Kennedy (email@example.com)
Published: 20 July, 2020