BrainWaveBank Limited, a Belfast (UK) and Dublin (Ireland)-based provider of a neurocognitive platform that helps monitor diseases such as Alzheimer’s, and psychiatric conditions such as depression and schizophrenia, closed a £1.1m financing round.
The round was led by Par Equity with participation from current investors Techstart Ventures, Co-Fund II managed by Clarendon Fund Managers, Angel CoFund, and new investment from British Business Investments.
The company intends to use the funds to further develop its technology, to scale its commercial activities, and to roll the platform out into the global clinical trials market.
Led by Ronan Cunningham, Chief Executive Officer, and Brian Murphy, CTO, BrainWaveBank is an artificial intelligence company focused on developing a machine learning-enabled neurocognitive platform for in-home assessment and remote monitoring of central nervous system disorders, including neurodegenerative diseases such as Alzheimer’s, and psychiatric conditions such as depression and schizophrenia. The digital technology platform combines a proprietary, wireless dry electroencephalography (EEG) headset with a suite of engaging gamified neurocognitive tests played on a mobile tablet. The system enables repeated measurement of neurological and cognitive parameters, unsupervised in the home. These objective longitudinal measurements provide information on the progression of diseases and direct therapeutic effects of drugs to help reduce the timescales, risks and costs of developing new treatments.
The company has secured a number of contracts with pharmaceutical and biotechnology companies to use the platform for the evaluation of cognition in patients and to gain insights into the mechanistic effects of drugs in early stage clinical evaluations of new therapies for Alzheimer’s and psychiatric conditions, as well as R&D grant support from Invest Northern Ireland and Innovate UK.