The funding round was led by a £1.5m investment from Whiterock’s Growth Capital Fund, alongside £1.25m from the Investment Fund for Northern Ireland’s equity fund, run by Clarendon Fund Managers, £0.3m from ACF Investors and £0.2m from Co Fund NI.
Cumulus is focused on advancing neuroscience clinical trials and patient care through improved data and AI with the NeuLogiq® Platform, providing biopharma partners and collaborators with a suite of state-of-the-art tools to help advance the discovery and development of new therapies for neuropsychiatric and neurodegenerative conditions.
The platform uses a novel dry sensor EEG headset which received FDA 510(k) clearance in 2023 and tablet-based assessments to measure brain function across multiple domains, including cognition, mood, and language. The headset allows clinicians and researchers to collect data easily in clinic or while patients are at home—a particular boon for disorders such as Alzheimer’s, where clinical testing can be difficult.
Cumulus is headquartered in Belfast at Catalyst in the Titanic Quarter, where the majority of the company’s 31 employees are based, with a second location in Dublin. Approximately one third of employees are remote. The funding raised in the latest round will be used to invest in marketing and further scale the commercialisation team including the hiring of key personnel including a Head of B2B Marketing and Sales Operations and a Vice President of Business Development.
Tina Sampath, Chief Executive of Cumulus Neuroscience, said: “There is a substantial unmet need today in neuroscience clinical studies. Many study endpoints are measured with traditional pen and paper assessments which lack objective data about brain function. Biopharma companies need objective data to effectively establish baseline information about whether a drug is engaging with the region of the brain that a particular drug is targeting, whether a drug is effective, and informing which cohort of patients may benefit the most from a particular drug.
“The NeuLogiq Platform was purpose built in collaboration with ten top biopharma companies to address the limitations of traditional neurological assessments by providing objective data across multiple domains of brain function. Cumulus is well positioned to capitalise on the significant opportunities that exist in the neuroscience clinical research space.”
Whiterock’s Growth Capital Fund makes investments of between £1m and £5m for minority shareholdings in growth and scaling companies in Northern Ireland. It will invest in businesses with strong management teams and a demonstrated and proven business model, seeking to be a strategic partner to help companies achieve their high growth ambitions.
David McCurley, Investment Director at Whiterock said: “We are excited to have led this investment round to help fuel the next phase of growth for Cumulus with an equity investment from Whiterock’s Growth Capital Fund. We look forward to partnering with Tina and the Executive team as they deploy their groundbreaking technology and data analytics tools into projects alongside some of the world’s leading pharma and biotech companies”.
Launched by The British Business Bank, the £70m Investment Fund for Northern Ireland (IFNI) offers a range of commercial finance options including debt finance and equity investment to support businesses from all sectors in NI and at different growth stages. Whiterock also manages the debt fund, offering loans of £25,000 up to £2m while Clarendon Fund Managers provide equity stakes in smaller businesses up to £5m.
Brian Cummings, Investment Director at Clarendon Fund Managers, said: “Clarendon is proud to continue our support of Cumulus Neuroscience through the IFNI Fund. The Company’s world-class technology holds immense potential to transform how neurological and psychiatric conditions are understood, monitored, and treated. In particular, Cumulus' work promises to revolutionise the diagnosis and treatment of diseases such as Alzheimer’s, Parkinson’s, and depression - conditions of growing global significance as the population ages.”
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