Weight loss headset firm Neurovalens lands £4.6m in funding
The Northern Ireland technology company behind a headset intended to control the impulse to over-eat has won £4.6m in equity funding.
Neurovalens said the funding was one of the largest ever generated by a tech company in the province in one of its first major rounds of financing.
The Belfast firm's products aim to combine neuroscience and technology to tackle health issues such as obesity, with the Modius headset stimulating the area of the brain associated with appetite and cravings.
The equity round was led by London-based Wharton Asset Management and supported by Neurovalens' initial investor, Techstart Ventures, through its Invest NI fund, Techstart.
Other investors include Cambridge-based IQ Capital, Beltrae Partners, Co-Fund NI managed by Clarendon Fund Management, and Angel CoFund.
A spokesman said the investment would fund more trials in obesity and type 2 diabetes and will also support the company's wider research into insomnia, mental health and epilepsy.
Chief executive Dr Jason McKeown added: "This latest wave of funding is vital as it will propel our work to a new level.
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"Modius has been an incredible success story since its launch in 2017 and, with medical device approval expected within the next 12 to 18 months, the prospects are extremely exciting.
"With the concept now proven, our immediate focus is on the development of neurological science to tackle the wider health and lifestyle issues affecting today's generation. It's a very exciting time for our business."