CorTec, a Freiuburg, Germany-based developer of a neurotechnological platform for measuring and stimulating of brain activity, has raised €2.4m in seed funding and public subsidies.
Equity backers include High-Tech Gründerfonds, Seedfonds Baden-Württemberg and K & S W Invest while the public subsidies were provided by the KMU-innovativ programme, set up by the Federal Ministry of Education and Research (Bundesministerium für Bildung und Forschung, BMBF).
The company is using the funds to continue the development ot the clinical application of its platform system and to bring it to market in 2012. CorTec’s first product will be a foil electrode for clinical diagnostics.
The company, which was founded in 2010 as a Spin-Off of Albert-Ludwigs University Freiburg, is led by managing director Jörn Rickert and Klaus Würtenberger.