Belfast-based neurotechnology firm nets £4.6m funding

  • Belfast-headquartered medical technology firm Neurovalens has secured £4.6 million in Series A equity funding following the financial success of its Modius device.

    Medical tech startup Neurovalens made headlines back in 2017 when it raised over $2m US on crowdfunding website IndieGoGo for its Modius medical device that it claimed would trick your brain into helping you lose weight. The weight loss industry is worth billions worldwide, and Neurovalens made bold claims about their device that attracted widespread media attention.

    The Modius is designed to non-invasively stimulate your hypothalmus and brainstem via electrical stimulation of the vestibular nerve, which Neurovalens claims will make you feel more full and reduce food cravings. The device has not been given medical device approval yet, but its success has already attracted significant interest in Neurovalens as a company.

    This round of funding was managed by London-based firm Wharton Asset Management and local investment firm Techstart Ventures backed by Invest NI. Investment was also acquired from IQ Capital, Beltrae Partners, Co-Fund NI managed by Clarendon Fund Management, and the Angel CoFund.

    We named Neurovalens one of five companies making waves in the NI Tech scene back in December. The company hopes to use this new investment to perform medical trials in the areas of obesity and type 2 diabetes, and to fund ongoing research into other issues such as insomnia, mental health, and epilepsy. The company also expects its Modius device to get medical device approval within the next 12-18 months.

    Dr Jason McKeown, CEO of Neurovalens, commented on the invesment, saying: "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.”

    Source: Written based on press release

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    Brendan is a Sync NI writer with a special interest in the gaming sector, programming, emerging technology, and physics. To connect with Brendan, feel free to send him an email or follow him on Twitter.

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