A UK startup which is developing brain monitoring and treatment technology which avoids drilling a hole into a patient’s skull has raised more than $100m in funding in total, it has announced.
Led by “generational founder” James Dacombe, the $102.5m funding includes a $60m Series A funding round in London-based CoMind which was led by Plural, the VC firm set up by Wise co-founder Taavet Hinrikus and other founders.
Other investors in CoMind include Angelini Ventures, LocalGlobe, Octopus Ventures, Crane, Backed VC and Entrepreneurs First.
Dacombe, who is now 25, founded CoMind when he was just 17.
CoMind's tech can measure core brain health indicators, such as cerebral blood flow, through non-invasive measures, as opposed to existing brain monitoring techniques, which require drilling a hole into a patient's skull, or "rely on inaccurate non-invasive monitoring that can compromise treatment decisions", Plural said.
It claims its tech “has never been done before”.
Plural says: “In the US alone, three million patients suffer traumatic brain injuries (TBIs) every year, but only 5 per cent receive an intracranial pressure test, which requires drilling a hole in the skull and carries a 15 per cent complication rate.
"The rest are treated with limited information, leading to worse data, worse outcomes and higher costs.”
CoMind aims to get approval for its tech from the US Food and Drug Administration (FDA) within two years, which it says will unlock access to "the huge ICU (intensive care unit) market in the US".
It also plans to expand its product portfolio with an AI platform that transforms sensor data into predictive insights, identifying complications early and personalising treatment.
Julia Hawkins, general partner at LocalGlobe said: ”James is truly a generational founder and partnering with him and his team has been one of our great privileges as investors. We couldn’t be more excited to continue supporting them as they redefine how the brain is measured, and, ultimately, how it’s treated.
“At LocalGlobe, we’ve always believed that the next wave of European technology will be defined not only by software, but by science and engineering breakthroughs that fundamentally reshape industries.
“CoMind is one of those companies, a pioneer redefining how the brain is monitored, entirely non-invasively, through breakthroughs in photonics.”
Plural said: “The company’s technology has the potential to dramatically improve how we monitor our brains, giving doctors better information and more choices for treating patients, building out a whole extra market by providing a far more affordable and safe alternative to existing solutions.
"This makes CoMind a classic Plural investment: a startup that can make a huge global impact, built in Europe.”
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