Business

Neurovalens secures £6m in new investment round led by IFNI

Funding will support Belfast wearable devices specialist’s commercial expansion into US and global healthcare markets

Wearable devices firm Neurovalens, a global leader in non-invasive neuro-technology, has successfully closed on a £6 million investment round led by the Investment Fund for Northern Ireland (IFNI).
Welcoming the latest funding round for Neurovalens is its chief executive Dr Jason McKeown (left) with Brian Cummings, investment director at Clarendon Fund Managers

Wearable devices firm Neurovalens, a global leader in non-invasive neuro-technology, has successfully closed on a £6 million investment round led by the Investment Fund for Northern Ireland (IFNI).

The Belfast-based medical device company specialises in leveraging the power of neuroscience and advanced technology to address a variety of global health challenges including insomnia, anxiety and post-traumatic stress disorder.

Neurovalens - which has already raised around £20m in equity and debt funding from UK investors - has obtained medical device clearance from the US Food & Drug Administration (FDA) for two innovative products.

One is the Modius Sleep device for treating insomnia, which the other is the Modius Calm device for managing anxiety. Both devices are now available for purchase in the US and are being prescribed by healthcare professionals.

Wearable devices firm Neurovalens, a global leader in non-invasive neuro-technology, has successfully closed on a £6 million investment round led by the Investment Fund for Northern Ireland (IFNI).
Neurovalens has obtained medical device clearance from the US Food & Drug Administration for two of its innovative products - the Modius Sleep device for treating insomnia, and the Modius Calm device for managing anxiety

The latest £6m funding round includes investment from new and existing investors.

Led by a £1.5m investment by IFNI managed by Clarendon Fund Managers, the round includes £780,000 investment from Whiterock’s Growth Capital Fund and strong follow-on support from existing investors IQ Capital, Innovation Ulster Ltd, and the Angel Co-Fund, as well as private investors. It also includes a £1m loan from the IFNI debt fund managed by Whiterock.

The investment round will support Neurovalens’ commercial expansion across the US and global healthcare markets, advance its regulatory pipeline, and accelerate sales of its FDA-cleared devices.

The company’s founder and chief chief executive Dr Jason McKeown said: “We’re delighted to have this funding at this key stage in our journey.

“It will enable us to significantly scale sales of our current medical devices, and also to extend our product portfolio through additional FDA approvals.

“Our technology offers an entirely new approach to treating serious global health challenges through safe, non-invasive neuro-stimulation.”