Neural Analytics said today it raised $15 million in a Series B round of financing led by Alpha Edison to support the continued development of its Lucid transcranial doppler ultrasound system designed to assess blood vessels in the brain from outside the body.
The Lucid M1 system is a portable all-in-one ultrasound system designed for measuring and displaying cerebral blood flow velocities in patients with brain disorders, the Los Angeles, Calif.-based company said.
“This round of funding will allow us to build on the momentum we have generated in 2017 and expand our team as we further advance the development of the Lucid System to assess and monitor additional brain health conditions,” Neural Analytics CEO Leo Petrossian said in a prepared statement.
“We are committed to investing in companies, such as Neural Analytics, who are making key strides in data-driven diagnostics by marrying AI, machine learning and robotics to existing in-market technologies. In the case of brain health management, this facilitates early and accurate diagnosis which is essential to improving patient outcomes. We believe Neural Analytics is impressively positioned to create material value for patients, the broader healthcare ecosystem, and as a consequence, investors,” Alpha Edison managing partner Nick Grouf said in a press release.
Last October, Neural Analytics said it won a $10 million contract with the US Dept. of Defense’s US Army Medical Research and Materiel Command to develop a portable, point-of-care device to assess combat-related traumatic brain injuries.