Iota Biosciences Secures $15M Series A Funding to Advance Millimeter-Scale Ultrasound-Powered Bioelectronic Platform
On December 29, 2018, VCBeat (WeChat Official Account: vcbeat) learned that Iota Biosciences, a developer of implantable bioelectronic devices headquartered in Berkeley, California, had completed a $15 million Series A financing round. Supporters of this round included Horizons Ventures, Astellas, Bold Capital Partners, Ironfire, and Shanda. The financing was closed in May but was only announced today.
With technological advancements, fitness trackers and heart rate monitors currently on the market have become relatively mature; however, these products still fail to meet consumer expectations for monitoring internal bodily activities. In contrast, Iota Biosciences’ millimeter-scale sensors can remain inside the human body for extended periods, transmitting data wirelessly. As a result, the company has successfully secured $15 million in Series A financing.
It is reported that the company plans to use this funding to accelerate the commercialization of its millimeter-scale ultrasound devices. This round of financing will help the company save nearly 18 months in submitting a production-ready version of its product to the FDA, thereby securing additional funding to support clinical trials over the next few years.
Iota Biosciences was founded in 2017 with the aim of transforming the way diseases are monitored and treated worldwide. Co-CEOs Dr. Jose Carmena and Dr. Michel Maharbiz also hold exclusive rights to the neural dust technology developed by researchers at the University of California, Berkeley. These studies have paved the way for potentially revolutionary therapeutic applications for numerous chronic conditions, including inflammation and movement disorders.
It is understood that the Neural Dust platform, powered by ultrasound, enables the company to produce devices as small as a grain of sand, thereby avoiding the risks associated with wired and battery-powered implants. Because they are smaller than traditional technologies and can be implanted more deeply into the human body, neural dust devices can directly interface with specific nerve clusters, enabling more precise diagnosis and treatment. Iota’s devices can also simultaneously record information and stimulate nerves, providing near-instantaneous closed-loop therapy that can better treat complex diseases from the inside out.
Notably, the company also appointed James Hattersley as Senior Vice President of Business Development. Reportedly, Mr. Hattersley is a seasoned business development executive with over 25 years of experience in business development and scientific leadership within the life sciences industry.
Iota also holds the exclusive license to millimeter-scale, ultrasound-powered bioelectronic devices developed by the University of California, Berkeley. These battery-free implantable devices, known as “neural dust” due to their small size and ability to interface directly with the central nervous system, enable physicians to address the underlying causes of disease more safely than ever before.
Where other forms of treatment have stalled, neurology-based therapies may open up new possibilities for care. It is against this backdrop that the Neural Dust platform has emerged. The company’s ultra-miniature, low-power devices help harness the therapeutic potential of the human nervous system and feature three key advantages.
Feature 1: Ultrasonic Power Supply
Battery-free and wire-free, the device can record electronic information, stimulate nerves, and communicate with other machines via ultrasound. It is a medium with a long-term safety record.
Feature 2: Smaller than a grain of sand
The device is only a few millimeters in length, allowing it to be implanted virtually anywhere in the body. Future implantable devices could be scaled down to less than one cubic millimeter.
Feature 3: Reading and Writing Neural Activity
Neural dust devices can modulate information transmitted via nerves, enabling physicians to better treat conditions ranging from arthritis to cardiovascular disease.