SpeechVive announced today that it raised more than $1.5 million upon the completion of a convertible note as it looks to begin scaling its business.
The West Lafayette, Ind.-based, Purdue University-affiliated medical device company develops treatments for speech conditions in people who suffer from chronic neurological diseases, such as Parkinson’s disease.
SpeechVive’s device fits behind the patient’s ear and detects when a patient is speaking to elicit louder and clearer speech through an involuntary reflex known as the Lombard Effect, inventor and co-founder Jessica Huber said in a news release.
Funding came in the form of a syndicated round with contributions from Elevate Ventures (Indianapolis), Purdue Foundry Investment Fund (West Lafayette), Southwest Angel Network (Austin, Texas), Racine Medical Angels (Racine, Wisconsin), SideCar Angels (Boston), and the SpeechVive management team.
“This funding will provide the resources we need to scale our business within the Veterans Affairs hospitals by allowing us to add several salespeople to our team,” SpeechVive president & CEO Steve Mogensen said in the release. “We also plan to continue to pursue reimbursement from Medicare and commercial insurance companies, which will allow access to SpeechVive for roughly 1 million people who are retired or on a fixed income and could greatly benefit from SpeechVive but cannot afford it.”