Flow Neuroscience, a Stockholm, Sweden-based medtech company, secured a $1.1m seed round of funding.
Backers included Khosla Ventures, SOSV and a Swedish angel investor.
The funding will enable Flow to complete the regulatory process, get its first product approved in the EU, and grow its team.
Led by CEO and clinical psychologist Daniel Månsson, Flow Neuroscience is developing a new treatment for depression combining brain stimulation with behavioral therapy. Its wearable device is linked to a behavioral training program mobile application based on peer-reviewed scientific literature. The technology is called tDCS (‘transcranial direct current stimulation’), which uses weak currents to stimulate the brain. It has been shown to change neuronal activity, and have an effect on depressive symptoms similar to antidepressant medication, with much fewer and less severe side effects.
The app teaches the patient how to eat, sleep and exercise to further reduce depression.
Flow graduated from the Shenzhen-based HAX Accelerator program, and recently received the EU H2020 SME instrument grant.