Neurovalens today announced that it closed an investment round worth approximately $8.1 million (£6 million) in proceeds.
The Investment Fund for Northern Ireland (IFNI) led the financing round for the Belfast-based company. Neurovalens develops the Modius neurostimulation products. Neurovalens designed the device to deliver non-invasive electrical stimulation. It stimulates key areas of the brain and nervous system without the need for surgically implanted electrodes.
Modius treats anxiety with a small and safe electrical pulse delivered to the head for 30 minutes before bed. During this time, users can perform other activities, like watching TV or reading. With an FDA nod in April 2024, people with generalized anxiety disorder (GAD) across the U.S. with a prescription can also utilize this device.
The company also picked up an FDA nod for its Modius Sleep device for treating insomnia in October 2023 and launched it last year. It offers both the Modius Sleep and Modius Calm devices in the U.S. Neurovalens expects the new investment round to support its commercial expansion across the U.S. and global markets. It also hopes to advance its regulatory pipeline and accelerate the sales of its FDA-cleared device.
New and existing investors took part in the round, led by a £1.5 million investment by IFNI managed by Clarendon Fund Managers. The round also includes £780,000 investment from Whiterock’s Growth Capital Fund and strong follow-on support from existing investors IQ Capital, Innovation Ulster Ltd, and the Angel Co-Fund, as well as private investors. It also includes a £1 million loan from the IFNI debt fund managed by Whiterock.
“We’re delighted to have the support of the Investment Fund for Northern Ireland and our other new and existing investors at this key stage in our journey,” said Dr. Jason McKeown, CEO of Neurovalens. “This funding will enable us to significantly scale sales of our current medical devices, and also to extend our product portfolio through additional FDA approvals. Our technology offers an entirely new approach to treating serious global health challenges through safe, non-invasive neurostimulation.”
