Latest cash injection sees medical tech firm Neurovalens target US growth
A BELFAST technology firm developing a number of specialised medical devices has received its second major cash injection in a month.
Neurovalens has been boosted by £750,000 from the Growth Finance Fund to support the launch of a new sleep product in the USA later this year.
In September the company, founded by Dr Jason McKeown in 2015 and which has already secured £4.6 million from a number of equity investors, was offered £1 million from Invest NI for its new research and development programme in a move it said would add 22 jobs (it currently has 26 staff).
Of the latest funding boost, Mr McKeown said: “The business has grown rapidly over the last few years and it is an exciting time as we continue to expand in the American market.
“Our new product Modius Sleep is a drug-free non-invasive headset that actively stimulates key sleep neurons in the brain to improve sleep. By sending a safe electrical pulse to the vestibular nerve and hypothalamus the headset reduces the time it takes to fall asleep and keeps you asleep for longer.
“We estimate nine million Americans use sleep medication so Modius Sleep will be a breakthrough device in sleep science when we launch later this year.”
He added: “We will be using the funding from the Growth Finance Fund to further develop our sleeping and slimming products internationally, and also plan to move our 'Slim' headset into the retail sector, making it more accessible to consumers.”
David McCurley, director and head of investments at the £30m Growth Finance Fund, said: “Having successfully closed several funding rounds and with the support of Invest NI, Neurovalens is a great success story for Northern Ireland's technology sector.
“Its products have great growth potential and with a foot in the USA market now secured, we are confident the business will continue to expand and help tackle global health challenges.”