BrainScope said yesterday that it closed a $16 million funding round for the eponymous traumatic brain injury assessment device it developed.
Bethesda, Md.-based BrainScope said new backer DBL Partners joined existing investors Revolution LLC, ZG Ventures, Maryland Venture Fund participated in the round, along with unnamed existing and new investors in the round.
“We are delighted to have closed this financing with such outstanding investors. This investment acknowledges our leadership position as the first and only handheld, objective, FDA-cleared medical device for traumatic brain injury assessment. The financing will not only help the company drive commercial sales within various markets, but will also provide capital for research and development to broaden our product portfolio,” CEO Michael Singer said in prepared remarks.
“Throughout our extensive diligence on BrainScope and potential alternative approaches for the triage of traumatic brain injury, we consistently heard from clinicians that the BrainScope product was a true breakthrough. We are happy to be supporting this team,” added DBL senior partner Cynthia Ringo, who’s slated to join BrainScope’s board as part of the financing.
BrainScope One is an FDA-cleared device designed for assessing mildly presenting adult head injuries across the full spectrum of injuries for up to 3 days following the injury. The system is designed to help clinicians assess functional brain injuries and determine whether patients have structural brain injuries visible on CT scans.