Israeli artificial intelligence (AI) neuro-disorders treatment developer BrainQ today announced the completion of a financing round, making the total investment in the company to date $8.8 million. Investors in the Jerusalem-based company include Qure Ventures, OurCrowd.com, Norma Investments, IT-Farm, and other strategic angel investors such as Valtech Cardio founder and CEO Amir Gross, which acquired by Edwards in a $990 million deal in November 2016.
BrainQ is a digital therapeutics company that is developing breakthrough technology that utilizes its proprietary AI algorithms to identify high resolution spectral patterns in patient's brain waves (Electroencephalogram or EEG). These patterns are interpreted and then translated into a tailored electromagnetic treatment protocol aimed to treat disabilities following neuro-disorders such as stroke and spinal cord injury. These are conditions that globally affect tens of millions of people each year. The company’s technology has already been applied in animal studies and early stage human clinical trials which have shown very promising results. BrainQ's unique AI technology largely stems from developing and owning one of the largest known Brain Computer Interface (BCI)-based EEG databases for motor tasks.
BrainQ will use the funding to further develop its non-invasive, BCI-based simulation device towards commercialization activities in various markets. Funds will also be used to support clinical trials and grow the unique BCI-based EEG database.
BrainQ was co-founded by CEO Yotam Drechsler, CTO Dr. Yaron Segal, and CSO Prof. Emerita Esther Shohami (CSO). The co-founders have recruited an AI team, largely from the elite intelligence units of Israel’s security forces, giving BrainQ a significant competitive advantage in building cutting-edge solutions and industrial know-how. BrainQ’s team and advisory board has a vast background in data science and machine learning as well as neurology and neuroscience.
Drechsler said, "We are on the verge of a new era where AI-based precision medicine will be used to treat neuro-disorders, which do not have a sufficient solution to date. At BrainQ, we are thrilled by the opportunity to bring this vision to life in the world of neuro-recovery. In a short time, we have already achieved significant results and are looking forward to the opportunity to push our technology and expand our operations, further positioning BrainQ as a leader in the world of BCI-based precision medicine."
Qure Ventures general partner Dr. Yossi Bahagon said "BrainQ’s novel approach to provide a personalized treatment solution fits perfectly within our investment mandate, as the technology is clearly a disruptive and differentiated solution to a large and growing need in the neurorehabilitation market.
Published by Globes [online], Israel business news - www.globes-online.com - on May 15, 2018
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