NI medtech firm secures £4.6m investment
15 March 2019 | 0
Health tech company, Neurovalens, which is headquartered in Belfast, has secured £4.6 million in equity following a Series A funding round – one of the largest ever generated by a NI tech company.
The recent equity raise, was led by London-based Wharton Asset Management and further supported by Techstart Ventures through its Invest NI fund, Techstart. Other investors include Capital, Beltrae Partners, Co-Fund NI managed by Clarendon Fund Management, and the Angel CoFund.
Led by Dr Jason McKeown, Neurovalens’ flagship product is Modius, a headset which 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 Jason McKeown, CEO of Neurovalens.
“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.”