BELFAST tech firm Neurovalens has said £5 million raised through a fresh funding round will help expand trials for its medical devices.
The company’s headsets have been developed to stimulate parts of the brain to treat conditions including diabetes, insomnia, anxiety and obesity.
Founded in 2015 by Dr Jason McKeown, Neurovalens has developed devices for weight loss and insomnia.
The company’s technology was created in collaboration with research facilities at the University of California San Diego.
The healthtech firm has raised around £11m to date through venture capital.
The latest round was led by Cambridge-based IQ Capital. It also included investment from Wharton Asset Management Company, The Angel CoFund (ACF), Techstart Ventures, Co-Fund II managed by Clarendon Fund Managers and the UK Government’s Future Fund.
Most of the investors were part of a £4.6m funding round raised in March 2019.
Neurovalens has already undertaken trials with the north’s two main universities, as well as UCD and a number of institutions State-side. The latest funding is expected to increase the number of trials, with 10-15 jobs created over the next two years.
Dr McKeown said the company’s vision is based around technology that can influence parts of the brain in a non-invasive way to cure or treat neurological diseases.
“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."
He sad the backing from the investors can now accelerate development.
"The funding will be used for clinical trial research and development in the UK and abroad, as well as hiring additional staff," he said.
"This will facilitate the development of Neurovalens’ technology - which is going through FDA and EU regulatory approvals - towards use as an approved medical treatment around the world.
"Neurovalens is already in the final phase of trials for obesity and aims to have approval for insomnia and anxiety devices in the next 12 months, with diabetes trials slated for 2021," added Dr McKeown.
