Neurovalens, a Belfast-based health tech specialising in non-invasive neuro technology, has closed a £6m funding round just over a year after its last investment.
The company develops wearable medical devices that stimulate the brain with small electrical pulses to treat various mental health challenges, including insomnia, anxiety and post-traumatic stress disorder.
Having raised £2.1m in April last year, the latest investment brings the firm’s total to around £20m across equity and debt rounds.
The latest investment was led by the Investment Fund for Northern Ireland, with contributions from Whiterock, IQ Capital, Innovation Ulster and the Angel Co-Fund.
“We’re delighted to have the support of the Investment Fund for Northern Ireland and our other new and existing investors at this key stage in our journey,” said Dr Jason McKeown, chief executive of Neurovalens.
“This funding will enable us to significantly scale sales of our current medical devices, and also to extend our product portfolio through additional FDA approvals. Our technology offers an entirely new approach to treating serious global health challenges through safe, non-invasive neurostimulation.”
The Investment Fund for Northern Ireland is a £70m vehicle launched by British Business Bank and managed by Clarendon Fund Managers.
“Clarendon is proud to continue our support for Neurovalens through the IFNI fund,” said Brian Cummings, investment director at Clarendon.
“The company has achieved some very significant milestones over the past few years including medical device clearance from the FDA for the treatment of some serious health conditions.”