Updated to include new information from neural analytics.
Neural Analytics raised $10.1 million in a new round of equity and options financing, according to an SEC filing posted this week.
The Los Angeles-based company develops the Lucid M1, a portable all-in-one ultrasound system designed for rapid triaging and monitoring of patients with brain disorders.
Neural Analytic’s system is a battery operated medical grade tablet device which uses transcranial doppler to assess the brains blood vessels from outside the body. Analyses with the system can be performed in office and can help diagnose brain disorders and avoid more invasive tests, the company said.
“The additional round of funding will allow Neural Analytics to expand commercialization efforts for the Lucid System both in the U.S. and Europe and continue our ongoing research efforts to achieve earlier diagnosis for brain health conditions,” CEO Leo Petrossian said in a press release.
As part of the round, Reimagined Ventures’ Dr. Ted Koutouzis will join the company’s board of directors. Neural Analytics said the round brings the total raised for the company so far up to $27 million.
Money in the round came from 15 unnamed investors, with the 1st sale recorded on March 22. The company is looking to raise an additional $14.7 million in the round before closing it, according to an SEC filing.
The company won CE Mark approval in the European Union for the Lucid M1 in January
Last September, Neural Analytics said it landed a $3 million grant from the National Institutes of Health for the diagnostic and monitoring technology it’s developing for traumatic brain injury and stroke. The NIH’s Small Business Innovation Research program funded the grant.