Belfast-based health tech company, Neurovalens, has secured one of the largest ever Series A investments generated by a Northern Irish technology company.
The company specialises in using neuroscience to solve everyday health issues.
The £4.6 million raise was led by London-based Wharton Asset Management along with Cambridge based IQ Capital. The round was also supported by Techstart Ventures, through its Invest NI-backed fund, The UU Fund, Co-Fund NI managed by Clarendon Fund Management, Beltrae Partners and the Angel CoFund.
Led by Dr Jason McKeown, Neurovalens is renowned for the development of Modius, an innovative headset which 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.
“We are delighted to receive this latest wave of funding, it will enable us to continue to lead the way in developing non-invasive neuro-stimulation technology and will propel our work to a whole new level,” said Dr Jason McKeown, CEO of Neurovalens.
“Modius has been an incredible success story since its launch in 2017 and with medical device approval expected within the next 12-18 months, the prospects are extremely exciting.
“With the concept now proven, our immediate focus is on the development of neurological science to tackle ever wider health and lifestyle issues affecting people all over the world. It’s a hugely exciting time for the application of neuroscience and our business.”
Highlighting the significance of the funding round, Jamie Andrews of Techstart Ventures added:
“We are very proud to have been investors in Neurovalens from its earliest days. 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.”
Also commenting on the raise, Kerry Baldwin, Partner of IQ Capital added:
“IQ Capital is looking forward to supporting the impressive, thought-leading team at Neurovalens as they apply their IP-rich neuro-tech to solve multiple health issues.”