Arboretum Ventures led the financing with new investors KdT Ventures, Satori Neuro, Dolby Family Ventures and re.Mind Capital participating. Existing investors Divergent Capital, TMC Innovation, PsyMed Ventures, Empath Ventures and Capital Factory contributed as well.
The company also noted that Amy Kruse, chief investment officer of Satori Neuro, and Tom Shehab will join its board of directors.
Houston-based Motif Neurotech plans to use the funds to advance the development of its lead product, the DOT microstimulator. The company designed its miniature brain pacemaker to precisely stimulate the brain. It restores healthy circuit activity to treat mental health disorders. The pea-sized implant, which goes in during a 20-minute outpatient procedure, has capabilities for at-home therapy.
“Minimally-invasive bioelectronics are the future of mental health treatment,” Robinson said in a news release. “30% of patients with depression don’t respond to two or more medications, and there is a significant need for additional treatment options that are effective and easily accessible. The DOT microstimulator is a wireless, battery-free device designed to be implanted in a 20-minute outpatient procedure with the capability for at-home therapy. This round of financing will allow us to bring this technology into a clinical study for patients with [treatment-resistant depression].”
More about the Motif Neurotech technology
Traditional neuromodulation systems have limitations due to reliance on implantable pulse generators, Motif Neurotech says. Those generators have built-in batteries and wired leads, which can lead to potential points of failure like lead fractures, migration and battery failure.
Motif Neurotech aims to topple existing brain stimulation treatments and address the areas in which they fall short. Its precisely targeted implant and wearable headset for at-home use deliver episodic neuromodulation. The company believes this demonstrates effectiveness in treating TRD.
Motif Neurotech says it should produce minimal side effects compared to drugs. Its lead product treats treatment-resistant depression (TRD), a form of major depressive disorder (MDD). The company completed the first-in-human implant of the device in September.