Irish health-tech company Neurovalens has raised £5.1 million (€5.6m) as it looks to secure regulatory approval for a headset it has developed that can be used to help treat a range of conditions, including insomnia.
The company, which is dual-headquartered in Belfast and San Diego, USA, will use the new financing to expand on the success of initial clinical trials, and further develop its technology for use with other medical conditions.
Neurovalens was established by Dr Jason McKeown and neuroscientist Paul McGeoch in 2015, and was named as Northern Ireland’s best start-up in the Invest NI Propel Programme awards the same year.
It developed non-invasive neurostimulation technology that can influence the brainstem and hypothalamus to cure or treat neurological diseases such as insomnia, diabetes, obesity and anxiety without the need for implanted electrodes.
The company is seeking FDA and EU regulatory approval to use its technology as a medical treatment. Neurovalens is already in the final phase of trials as a therapy for obesity, and aims to have approval for insomnia and anxiety devices in the next 12 months, with diabetes trials set for 2021.
The latest fundraise brings total investment in the company to date to over £11 million It was led by long-term backer IQ Capital. Other participants included Wharton Asset Management, the Angel CoFund, Techstart Ventures, Co-Fund II managed by Clarendon Fund Managers and the UK government's Future Fund.
“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,” said Dr McKeown.
“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.”
