Belfast health tech business Neurovalens has secured £4.6 million in equity following a highly successful ‘Series A’ funding round – one of the largest ever generated by a NI tech firm.
The company specialises in combining neuroscience and technology to tackle some of the most prevalent health issues affecting the current generation.
The recent equity raise was led by London-based Wharton Asset Management and, at a local level, further supported by its initial investor Techstart Ventures through its Invest NI fund, Techstart.
Other investors include Cambridge-based IQ Capital, Beltrae Partners, Co-Fund NI managed by Clarendon Fund Management 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.
“This latest wave of funding is vital as it will propel our work to a new level,” said Dr McKeown.
“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 the wider health and lifestyle issues affecting today’s generations.
“It’s a very exciting time for 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.”