Neurava announced today that it completed an oversubscribed seed financing round worth proceeds of $2.26 million.
Indianapolis-based Neurava develops a novel wearable device for mitigating the risk of sudden unexpected death in epilepsy (SUDEP).
The device monitors and alerts for seizures, cardiorespiratory dysfunctions, and the impending risk of SUDEP. Neurava says it’s unlike any other commercially available system and enables life-saving intervention. The company was a top-five finisher in the MedTech Innovator Accelerator Program last year.
In a news release, Vivek Ganesh, Neurava co-founder and CTO, said, “This funding will allow us to complete a pivotal usability study at leading clinical institutions in adults and pediatric patients with epilepsy. We will also set up manufacturing partners and submit for FDA clearance, in advance of our Series A round of funding.”
Life Science Angels led the round, which also featured a second strategic investment from UCB. Purdue Innovates, Elevate Ventures, Rivermount Ventures and First Leaf Capital also participated.
With the funding, the company can continue enrolling patients in a pivotal usability study evaluating its system in adults and children. The company already completed a study of 30 adults, reporting promising usability and performance results.
Neurava Co-Founder and CEO, Jay Shah, said: “We are honored to be backed by our investors. We look forward to working with them to continue growing Neurava. Our vision is to improve the lives of those impacted by epilepsy, and with this investment, we are one step closer to making this a reality.”
