Neurovalens, a medtech company with offices in Belfast and San Diego, has closed a funding round worth £5.1m.
A medtech start-up finding ways to cure or treat neurological diseases without the need for implants has secured significant funding.
Belfast-based Neurovalens has raised £5.1m in a round led by IQ 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.
Neurovalens, which shares its headquarters between Belfast and San Diego, develops cranial nerve stimulation technology designed to activate key brainstem neurons without needing implanted electrodes. The company said this non-invasive approach removes the need for surgical implantation and allows much earlier intervention in the treatment pathway.
The company was founded in 2015 and raised £4.6m in a Series A round in February 2019.
CEO and co-founder of Neurovalens, Dr Jason McKeown, said that the latest funding will be used for clinical trial research and development in the UK and abroad, as well as hiring additional staff. Neurovalens’s technology is currently going through FDA and EU regulatory approval processes.
‘A critical time for our business’
In the next 12 months, the start-up hopes to have approval for devices that can be used in the treatment of insomnia and anxiety, with diabetes trials set for 2021.
“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,” McKeown said.
“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.”
Tim Mills, managing partner of the Angel CoFund, added: “The Neurovalens team have developed a truly innovative technique to help people combat an array of health challenges.
“As such, they are a rare example of a start-up that really has the potential to fundamentally affect the sector they are in, changing how clinicians treat certain conditions.”