Belfast-based BrainWaveBank has secured over £1m in Seed funding from investors including the Angel CoFund and techstart NI.
Innovate UK and Invest Northern Ireland contributed to the round via their R&D schemes.
Founded in 2015, BrainWaveBank is developing data-centric solutions to help track brain health and fight dementia – believed to cost the UK £26bn a year.
Ronan Cunningham, co-founder and CEO, spoke about the fundraise: “We founded BrainWaveBank with the goal of transforming the early detection and treatment of devastating cognitive illnesses such as dementia.
“We are very excited to be supported in achieving this vision by such a strong team of leading technology investors and innovation agencies,” he said.
BrainWaveBank’s technology enables users to track their cognitive health on a daily basis, using a wearable device and app.
US and Asian investment in UK tech skyrockets
The startup then uses advanced analytics and machine learning methods to detect the earliest signs of cognitive decline.
The funding will be used to accelerate tech development and bring the product to market.
Tim Mills, investment director at the Angel CoFund, spoke about his decision to invest in the firm.
“We are backing BrainWaveBank because we believe they have a huge opportunity to advance the fight against dementia and better manage the treatment of impact related concussion, and we’re proud to be part of their journey,” said Mills.
The Angel CoFund has to date supported more than 70 companies, including Ebury and Gousto.