Neurovalens, a Belfast-founded healthtech company, has raised £5.1 million in funding to advance medical device approvals of its neurostimulation technology and also explore applications to other neurological conditions. Led by IQ Capital, the round also received investments from Wharton Asset Management Company, the Angel CoFund, Techstart Ventures, Clarendon Fund Managers and the UK government’s Future Fund.
In collaboration with the University of San Diego, the Northern Irish company is developing technology that influences the brainstem and hypothalamus in a non-invasive way to cure or treat neurological diseases, without the need for implanted electrodes. Its first product is Modius, a wearable device for stimulating the brain’s hunger and metabolism functions.
Currently going through FDA and EU regulatory approvals, Neurovalens technology is in the final phase of clinical trials for obesity, and aims to have approval for insomnia and anxiety devices within the next year, with diabetes trials slated for 2021.
“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. Jason Mckeown, CEO and co-founder of the neurotech startup.
Kerry Baldwin of IQ Capital commented: “This funding will allow Neurovalens to accelerate their entry into the US healthcare system and to establish the technology as doctor-prescribed treatments for four of the biggest global health epidemics.”
Founded in 2013, the startup previously raised £1.1 million in 2017.
Photo: CEO and co-founder Dr. Jason Mckeown