Healthtech startup Neurovalens has raised £5.1m in a funding round to bring its neurostimulation technology closer to being used in clinical settings.
The Belfast-based company has developed a non-invasive device that is designed to treat neurological diseases by stimulating the brainstem without the need for electrodes to be implanted, which is required for other similar technologies.
The device is currently going through the process to gain regulatory approval from both the EU and the US’ FDA as a treatment for obesity, with approval expected within the next few months, and insomnia and anxiety, which is expected to be approved for within the year. There are also plans to expand its application to diabetes, with clinical trials expected to begin in 2021.
Today’s announcement sees Neurovalens receive vital funding to continue and expand these trials, including hiring new staff.
The funding round was led by IQ Capital, with additional funding coming from the UK Government’s Future Fund, as well as Wharton Asset Management Company, Clarendon Fund Managers, The Angel CoFund and Techstart Ventures.
Neurovalens funding brings “truly innovative technique” closer to clinical use
Assuming the devices gain regulatory approval, Neurovalens has the potential to introduce an entirely new treatment approach for a variety of conditions – with potentially profound effects.
“The Neurovalens team have developed a truly innovative technique to help people combat an array of health challenges,” said Tim Mills, managing partner of the Angel CoFund.
“As such, they are a rare example of a startup that really has the potential to fundamentally affect the sector they are in, changing how clinicians treat certain conditions.”
The funding in particular help Neurovalens access the US market, where it has the potential to make waves.
“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,” said Kerry Balwin, managing partner of IQ Capital.
For the startup, it is also a vote of confidence in its technology, which has so far shown strong potential in trials.
“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,” said Dr Jason Mckeown, CEO and co-founder of Neurovalens.
“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.”