Sweden’s Flow Neuroscience, a medical tech startup, has announced a seed round of $1.1 million from Khosla Ventures, SOSV, and angel investor Daniel Andersson.
Flow is developing a brain stimulation headset used in treatments for depression. Around 21 million people in Europe suffer from major depressive disorder (MDD).
This new tranche of funding will be used to complete the regulatory process for its products and gain EU approval as well as growing its team of scientists, engineers, and executives. The startup participated in the HAX hardware accelerator and also received a grant from the EU’s Horizon 2020.
The startup touts the headset as an alternative to medication that can stimulate and change the brain’s neuronal activity. The technique, tDCS (transcranial direct current stimulation) is coupled with an app that advises the user on better eating, sleeping, and exercising routines.
“We want to stop this [depression] epidemic by offering a solution that is not only effective, but holistic, safe, and that patients can use at home or anywhere,” said CEO Daniel Månsson, a clinical psychologist.
“Depression is a global health issue of enormous impact. Scalable technologies that can help treat sufferers in their own homes could be a huge benefit to both quality of life and decreased disability,” commented Alexander A. Morgan, MD PhD, Khosla Ventures.