Neurovalens Secures £4.6M Series A Funding to Advance Neurotechnology Wearables for Mental Health

VCBeat (WeChat ID: vcbeat) has learned that Neurovalens, a UK-based medtech company, recently completed a £4.6 million Series A financing round. The round was led by Wharton Asset Management, with participation from IQ Capital, Beltrae Partners, Techstars Ventures, and Angel CoFund.

Neurovalens completed a £1.1 million seed funding round in July 2017 and a £1.6 million equity crowdfunding campaign in October 2017, with the latter garnering support from over 4,000 individuals across 84 countries.

Financing History (Source: Crunchbase, VCBeat)

Neurovalens was founded in 2015 by neuroscientist Jason McKeown and Dr. Paul McGeoch, and was named the best startup under Northern Ireland’s “NI Programme” in the same year. The company currently operates in Belfast and San Diego, with a mission to improve the lives of patients with mental health disorders through neuroscience technology.

In August 2017, Neurovalens successfully launched its first product, Modius, a non-invasive headset that stimulates brain regions associated with appetite and cravings. This groundbreaking headset offers a novel approach to weight loss, making the process easier and more enjoyable.

Dr. McKeown stated that following this round of financing, the company will conduct further clinical trials in the fields of obesity and type 2 diabetes, and carry out in-depth research into conditions such as insomnia, mental health disorders, and epilepsy.

“Modius has achieved tremendous success since its launch in 2017 and is expected to receive medical device approval within the next 12–18 months, offering promising application prospects,” said Jamie Andrews, Executive at Techstart Ventures. “We are very proud to have been an early investor in Neurovalens. This round of investment provides significant support to the entire Neurovalens team. By integrating neuroscience with modern technology, they have not only achieved commercial success but also improved people’s quality of life on a global scale.”

Modius Wearing Diagram (Source: Official Website)

IQ Capital is a venture capital firm headquartered in Cambridge, founded in 2006 with a focus on investing in high-tech startups. The company’s initial investments range from £300,000 to £3 million, with follow-on investments exceeding £10 million. Since its inception, IQ Capital has successfully invested in more than 50 companies, including Apple, Huawei, Google, and Oracle.

Angel CoFund is a UK-based venture capital fund whose management team was established in 2011. Leveraging its mature investment model, the fund has cumulatively invested over £40 million in more than 80 companies.

Techstars Ventures (formerly Bullet Time Ventures) is the venture capital arm of Techstars, with $265 million in assets under management and headquartered in Boulder, Colorado, USA.

(Compiled by: Yang Shaobo)