Belfast-based health tech company Neurovalens is set to create 22 new jobs with the development of a ground-breaking medical device.
Neurovalens, a global leader of neuro-technology products, is embarking on the development of a device for the treatment of obesity with £1m support from Invest NI.
The technology is based on the neuro stimulation of specific areas of the brain responsible for influencing appetite and cravings.
The company specialises in combining neuroscience and technology to tackle global health challenges such as obesity, diabetes and sleep disorders.
The research and development grant will enable the company to undertake pivotal clinical trials, in collaboration with Ulster University and University of California San Diego.
Dr Jason McKeown, co-founder and CEO of Neurovalens, who was also recently awarded the Helen Ramsey Turtle Scholarship at QUB, said: “This is an exciting time for the company as we begin development of our second device, which will help tackle the problem of obesity.
“We are also growing our team across a range of disciplines from senior management to technical and marketing, to enable us to effectively develop, market, sell and support both the new medical device and Modius.
“Invest NI has been a great source of support to us since we set up the company in 2013.
“This latest offer of assistance is allowing us to capitalise on the success of Modius and will help us achieve our growth targets, generating significant new export sales.”
Neurovalens recently secured £4.6m in equity funding from a number of investors including Invest NI’s TechstartNI, which is part of the agency’s Access to Finance initiative.
Invest NI’s Director of Innovation, Research and Development, Dr Vicky Kell, said: “Neurovalens has developed innovative, disruptive technology that has huge market potential given the global epidemic of obesity and associated health complications.
“Invest NI has supported the company from an early stage and it is fantastic to see it growing and establishing itself as a leader in its field. The new jobs created by this investment will bring the company’s staff to 36.”