Belfast-based neurotechnology company Neurovalens has closed a £6 million (€6.95 million) investment round to help fund its commercial expansion in the US and global markets.
The funding round was led by Investment Fund for Northern Ireland, and includes participation from Whiterock’s Growth Capital Fund and follow-on support from existing investors IQ Capital, Innovation Ulster and the Angel Co-Fund, as well as private investors. It also includes a £1 million loan from the IFNI debt fund managed by Whiterock.
The money will be used to boost sales of its current medical devices, and seek additional approvals from US authorities.
Neurovalens was established in 2015 by Dr McKeown and neuroscientist Paul McGeoch. It has raised approximately £20 million in funding, with a mix of debt and equity from UK investors that include 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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Neurovalens’s technology uses electrical stimulation in areas of the brain and nervous system to address challenges such as insomnia, anxiety and post-traumatic stress disorder. The company already has clearance from the US Food & Drug Administration for its device that treats insomnia and another for its Calm device for managing anxiety.
“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,” said Dr Jason McKeown, chief executive of Neurovalens. “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.”
The IFNI was launched by the British Business Bank to help drive sustainable economic growth by supporting new and scaling businesses through debt finance and equity investments. The £33 million equity fund is managed by Clarendon Fund Managers, with equity stakes of up to £5 million.
“Clarendon is proud to continue our support for Neurovalens through the IFNI fund,” said Brian Cummings, investment director at Clarendon Fund Managers. “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.”
Established in 2015 by Dr McKeown and neuroscientist Paul McGeoch, Neurovalens has been investigating the use of its technology for a range of medical applications.
