Neurovalens, a Belfast, Northern Ireland and and San Diego, CA-based global healthtech company, raised £5.1m in funding.
The round was led by IQ Capital, with participation from Wharton Asset Management Company, The Angel CoFund (ACF), Techstart Ventures, Clarendon Fund Managers, and the Government’s Future Fund.
The company intends to use the funds to expand initial clinical trials and develop the technology’s application for other conditions.
Founded in 2015 by CEO Dr Jason Mckeown, Neurovalens is an independent global leader in neuro-technology products based on technology created in collaboration with research facilities at the University of California San Diego. The vision of the company is to use technology that can influence the brainstem and hypothalamus in a non-invasive way to cure or treat neurological diseases, without the need for implanted electrodes.
The funding will be used for clinical trial research and development in the UK and abroad, as well as hiring additional staff. This will facilitate the development of the technology – which is going through FDA and EU regulatory approvals – towards use as an approved medical treatment around the world. Neurovalens is already in the final phase of trials for obesity, and aims to have approval for insomnia and anxiety devices in the next 12 months, with diabetes trials slated for 2021.