Neuromod Devices Secures €8 Million in Funding with Participation from Silicon Valley Bank to Advance Lenire® Tinnitus Treatment

Recently, VCBeat (WeChat ID: vcbeat) learned that Irish medical technology company Neuromod Devices has completed an €8 million equity and venture debt financing round. The round was led by existing investors Fountain Healthcare and Moffett Investments, with participation from new investors Kreos Capital and Silicon Valley Bank.

Neuromod Devices is a medical technology company headquartered in Dublin, Ireland, specializing in non-invasive neuromodulation technologies. The company plans to use the proceeds from this financing round to accelerate the ongoing commercialization of its Lenire® tinnitus treatment device in the European market, expand production capacity to meet European demand, and prepare for the product’s entry into the U.S. market.

Neuromod Devices was founded by Dr. Ross O'Neill in 2010 as a spin-out from Maynooth University. The company specializes in the design and development of neuromodulation technologies to address the clinical needs of patients suffering from chronic and debilitating tinnitus.

Lenire® is a non-invasive bimodal neuromodulation tinnitus treatment device from Neuromod Devices, launched in June 2019. As a breakthrough evidence-based home medical device from Neuromod Devices, Lenire® has been proven to soothe and alleviate tinnitus. Currently, this product has obtained European CE certification, and under the supervision of healthcare professionals, Lenire® can be used to treat tinnitus.

Dr. Ross O’Neill, CEO of Neuromod Devices, stated, “This investment will enable us to accelerate the production of the Lenire® tinnitus treatment device, ensuring broader access for tinnitus patients across Europe. Building on our commercialization efforts in Europe, we will also submit a regulatory filing to the FDA, paving the way for the U.S. launch of Lenire®.”

Cian O’Driscoll of Kreos Capital commented, “An estimated 150 million people worldwide suffer from chronic tinnitus, and we believe Lenire® represents a significant breakthrough in addressing this substantial unmet medical need.”

Notably, Neuromod Devices recently opened its first Center of Excellence at the Winter Palace Medical Clinic in Dublin, dedicated to neuromodulation and tinnitus. This center, named Neuromod Medical, is a wholly-owned subsidiary of Neuromod Devices and primarily provides tinnitus assessment and treatment solutions through the Lenire® Tinnitus Treatment System.

At the end of 2019, Neuromod Devices will establish a branch in Hanover, Germany, which is the company’s first facility outside Ireland to provide Lenire® therapy and is scheduled to become operational in 2020.

Fountain Healthcare Partners is a life sciences venture capital fund headquartered in Ireland. The fund focuses on the life sciences sector, including specialty pharmaceuticals, medical devices, biotechnology, and diagnostics. It primarily invests in life sciences companies in Europe, with a particular emphasis on Ireland.

Moffett Investment, established in September 2011 and headquartered in Ireland, is a venture capital firm.

Kreos Capital, founded in 1998 and headquartered in London, UK, is one of Europe’s larger specialized financial services firms, primarily investing in startups with high-growth potential.

Silicon Valley Bank, established in the United States in 1983 as a subsidiary of SVB Financial Group, primarily serves technology companies and has successfully supported high-profile firms such as Facebook and Twitter.

(Compiled by Cheng Xiaoqin)