Belfast neurotech firm secures £6m investment to fund global expansion
Devices Modius Sleep for treating insomnia and Modius Calm for managing anxiety are now available to buy in the US, where they are being prescribed by healthcare professionals.
When worn, the devices transmit electrical waves to the brain to treat brain-activated disorders.
The company previously obtained medical device clearance from the US Food & Drug Administration (FDA) for the devices.
The £6m funding round was led by a £1.5m investment by the Investment Fund for Northern Ireland (IFNI), managed by Clarendon Fund Managers.
There was also £780,000 investment from Whiterock's Growth Capital Fund and further support from existing investors IQ Capital, Innovation Ulster Ltd, and the Angel Co-Fund, as well as private investors.
It also includes a £1m loan from the IFNI debt fund, managed by Whiterock.
The £6m is set to support the company's commercial expansion in the US and other overseas markets, and accelerate sales of its FDA-cleared devices.
Dr Jason McKeown, CEO of Neurovalens, said: 'We're delighted to have the support of the Investment Fund for Northern Ireland and our other new and existing investors at this key stage in our journey.
"This funding will enable us to significantly scale sales of our current medical devices, and also to extend our product portfolio through additional FDA approvals.
"Our technology offers an entirely new approach to treating serious global health challenges through safe, non-invasive neurostimulation.'
Brian Cummings, investment director at Clarendon Fund Managers, said: 'Clarendon is proud to continue our support for Neurovalens through the IFNI fund.
"The company has achieved some very significant milestones over the past few years including medical device clearance from the FDA for the treatment of some serious health conditions.
"We look forward to working with Jason and his team as the business expands its commercial operations in the US and beyond.'
The IFNI was launched by The British Business Bank to support innovation and create opportunities for new and scaling businesses.
The £70m fund offers financial options including debt finance and equity investments. Clarendon Fund Managers manages the £33m equity fund and can provide equity stakes of up to £5m.
So far, Neurovalens has raised approximately £20m in equity and debt funding from UK investors including Wharton Asset Management, IQ Capital, Techstart Ventures, Angel Co Fund, Beltrae Partners, Co-Fund NI managed by Clarendon Fund Managers, Innovation Ulster Limited and British Business Bank.
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