Local MedTech company Neurovalens has raised over £5m in funding to conduct further research on its non-invasive neurostimulation technology.
Neurovalens first appeared on the NI start-up scene several years ago with its Modius Slim device, a wearable band that claimed to help users lose weight by electrically stimulating the vestibular nerve. The firm has expanded significantly since then and has released the the Modius SLEEP that it claims will help improve sleep and combat insomnia.
The firm's products are not currently classified as medical devices as there have not been enough studies proving that they work. The company is now investing in running medical trials to evaluate the efficacy of the devices for treating conditions such as diabetes, indomnia, anxiety, and obesity.
The company has now announced that it's secured £5m in a new funding round led by IQ Capital supported by Wharton Asset Management Company, The Angel CoFund, Techstart Ventures, Co-Fund II, and the UK Government’s Future Fund. The money will be used for both R&D and ongoing growth of the company, with new positions expected to open up in the near future.
The funding will be used to accelerate clinical trials in the UK and worldwide, with the goal of securing FDA approval in the US and EU regulatory approvals. Trials on the use of the device for obesity are almost finished, and Neurovalens expects to get approval to use the device for insomnia and anxiety within the next year.
Neurovalens CEO and co-founder Dr Jason McKeown commented on the funding round: "Our work in the US and the success of the trials we have run to date have demonstrated the potential of our technology and encouraged us to pursue other applications. With this financing and the backing of our investors we can accelerate our mission of delivering effective and non-invasive solutions for some of the most common and debilitating medical conditions."
Source: Written based on press release
