Belfast’s Neurovalens raises £4.6m in Series A round

15 Mar 2019

From left: Jamie Andrews, Techstart Ventures; Dr Jason McKeown, Neurovalens; William McCulla, Invest NI; and Ian Kerr, Neurovalens. Image: Neurovalens

Neurovalens combines neuroscience with technology to tackle health issues affecting the current generation.

In one of the largest funding rounds generated by a Northern Ireland start-up, Belfast medtech Neurovalens has raised £4.6m in a Series A round.

The round was led by London-based Wharton Asset Management and locally by Techstart Ventures through its Invest NI fund, Techstart.

Other investors completing the round included Cambridge-based IQ Capital, Beltrae Partners, Co-Fund NI (managed by Clarendon Fund Management) and the Angel CoFund.

Innovative headset

Led by CEO Dr Jason McKeown, Neurovalens is known for the development of Modius, an innovative headset that non-invasively stimulates the area of the brain associated with appetite and cravings.

The investment will allow for further medical trials in the areas of obesity and type 2 diabetes, and will also 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,” said McKeown.

“Modius has been an incredible success story since its launch in 2017 and, with medical device approval expected within the next 12 to 18 months, the prospects are extremely exciting.

“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.”

Co-founded by McKeown in 2015, the company is currently run from dual headquarters in Belfast and San Diego.

“We are very proud to have been investors in Neurovalens from its earliest days,” said Jamie Andrews of Techstart Ventures. “This round is a huge endorsement of the work of the entire team at Neurovalens.

“Their ability to bring neuroscience and technology together is not only delivering a lighthouse commercial success story for Northern Ireland, but at a global level is changing lives for the better.”

John Kennedy is a journalist who served as editor of Silicon Republic for 17 years