Belfast health tech firm gets £750k fund to promote new sleep headset
A Belfast tech firm has won funding to support the launch of a new product in the US.
Neurovalens, which was formed in 2015 and specialises in combining neuroscience and technology to tackle global health challenges, received £750,000 from the Growth Finance Fund.
The fund, which comes from a £30m pot provided by the British Business Bank, Invest Northern Ireland and private investors, Northern Ireland Local Government Officers' Superannuation Committee (NILGOSC), will lead to more exposure of the firm's Modius Sleep headset.
The funding win comes as the company, which employs 26 staff announces the creation of a further 22 roles.
Dr Jason McKeown (right), founder and chief executive of Neurovalens, said: "The business has grown rapidly over the last few years and it is an exciting time for the company as we expand in the American market.
"Our new product Modius Sleep is a drug-free, non-invasive headset that actively stimulates key sleep neurons in the brain to improve sleep.
"By sending a safe electrical pulse to the vestibular nerve and hypothalamus the Sleep headset reduces the time it takes to fall asleep and keeps you asleep for longer. We estimate nine million Americans use sleep medication so Modius SLEEP will be a breakthrough device in sleep science when we launch later this year.
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"We will be using the funding from the Growth Finance Fund to further develop our Sleep and Slim products internationally. In addition, we plan to move our Slim headset into the retail sector, making it more accessible to consumers."
David McCurley, director, head of investments, Growth Finance Fund said Neurovalens is a "great success story for Northern Ireland's technology sector".