| 15.6°C Belfast

Northern Ireland health tech firm Neurovalens's £5m to fast track headset devices

Close

Jason McKeown of Neurovalens

Jason McKeown of Neurovalens

Jason McKeown of Neurovalens

Northern Ireland health tech company Neurovalens has raised more than £5m to advance medical device approvals of its technology.

The company, which has developed devices such as headsets to treat conditions including diabetes, insomnia, anxiety and obesity, says the new funding will help create up to 20 jobs over the next two years.

It aims to replace drugs as treatments for obesity, diabetes, insomnia and anxiety.

The £5.1m will expand on its clinical trials and develop the use of its technology. It aims to influence the brainstem and hypothalamus in a non-invasive way to cure or treat neurological diseases.

The funding round was led by IQ Capital and included investment from Wharton Asset Management Company, The Angel CoFund (ACF), Techstart Ventures, Co-Fund II managed by Clarendon Fund Managers and the UK Government's Future Fund.

Dr Jason McKeown, chief executive and co-founder of Neurovalens, said: "We are delighted to receive this investment and support at such a critical time for our business. Our work in the US and the success of the trials we have run to date have demonstrated the potential of our technology and encouraged us to pursue other applications. With this financing and the backing of our investors we can accelerate our mission of delivering effective and non-invasive solutions for some of the most common and debilitating medical conditions."

The funding will be used for clinical trial research and development in the UK and abroad, as well as hiring the additional staff. This will facilitate the development of Neurovalens' technology - which is going through US Food and Drug Administration (FDA) and EU regulatory approvals - towards use as an approved medical treatment around the world.

The company's Modius headset aims to treat neurological health issues by influencing the brain and nervous system using non-invasive technology.

Dr McKeown has also developed the Modius Sleep, to help people with sleep disorders, while the Modius Slim was designed to help people control their weight.

Dr McKeown explained that the headset "taps into the power of the brain's hypothalamus, which acts as a mini-computer and influences many areas of the brain, including weight loss and sleep".

Neurovalens is already in the final phase of trials for obesity and aims to have approval for insomnia and anxiety devices in the next 12 months, with diabetes trials slated for 2021.

Kerry Baldwin, managing partner of IQ Capital, said: "This funding will allow Neurovalens to accelerate their entry into the US healthcare system and to establish the technology as doctor-prescribed treatments for four of the biggest global health epidemics."

Gaby Salem, managing director of Wharton Asset Management Company added: "This round of funding will enable Neurovalens to primarily focus on gaining traction within the US reimbursement sector while also continuing to develop the technology for further US FDA approvals."

Tim Mills, managing partner of the Angel CoFund described the company as having "the potential to fundamentally affect the sector they are in".

Belfast Telegraph