BrainQ, an Israeli stroke therapy technology company, raised $40M in funding.
The round was led by Hanaco Ventures, with participation from Dexcel Pharma, and Peregrine Ventures, adding to support already secured from existing investors OurCrowd, Norma, Sailing Capital, IT Farm, Millhouse and Qure.
The company intends to use the funds for a multicenter pivotal trial for its technology for ischemic stroke survivors in selected US hospitals.
Led by Co-Founder and CEO Yotam Drechsler, BrainQ has developed investigational neurorecovery technology which aims to reduce disability and promote neurorecovery for stroke victims. Using a Brain Computer Interface-based approach, the company’s frequency-tuned low intensity electromagnetic field therapy is designed to operate based on biological insights retrieved from brainwaves using explanatory machine learning tools. These insights are aimed at imitating the natural processes of neural network synchronization and promoting recovery processes. The system is designed to allow for scalable and decentralized care via a portable, non-invasive wearable device that is cloud-connected with integrated telemedicine tools that enable remotely monitored sessions through an app.
The technology received FDA Breakthrough Device Designation and is set to be trialed in a multicenter study for stroke patients in select US hospitals.