Israeli startup ElMindA Ltd., which pioneers neuroscience-based technology for analyzing brain network functionality, today announced the completion of a $28 million Series C financing round. Investors include Shanda Group, New England Patriots owner - The Kraft Group, Wexford Capital, WR Hambrecht & Co, Palisade Capital Management, OurCrowd and Healthcrest AG and others. This is the first investment in an Israeli company for Shanda Group, which support neurological research.
Based in Herzliya, ElMindA was founded in 2006 by Professor Amir Geva to address an unmet need to objectively assess brain health and brain-related disorders in order to enhance diagnosis and treatment across a full spectrum of neurological and psychological disorders. The company has raised $43 million to date including the latest financing round. Previous investors include Sami Sagol.
The proceeds will be used to continue advancement of ElMindA’s proprietary BNA™ (Brain Network Activation) system, which uses multi-channel EEG-ERP electrophysiology technology to provide a more accurate, objective assessment of brain functionality over time. ElMindA will also use the funds for commercial and clinical adoption following BNA’s 2014 FDA clearance in the U.S., and CE Mark approval in Europe for brain function assessment.
ElMindA CEO Ronen Gadot said, “We are thrilled to have attracted such a strong group of new and existing investors. This support is a testament to the vast potential of BNA technology to advance our understanding of how the brain works, and to positively impact people’s lives. We plan to bring BNA to the forefront as a significant resource to monitor and manage the health of your brain throughout the course of your life.”
The Kraft Group's Robert Kraft said, “As an investor who has followed the advancements of the company for several years, we look forward to supporting ElMindA as it further unlocks the potential of BNA to be the preeminent market leader by offering an objective platform for brain function assessment and management of brain disorders."
BNA is a non-invasive technology for measuring and analyzing brain function. It uses advanced signal processing and machine-learning algorithms of big populations' data in order to identify patterns of neuronal networks activated during a specific brain function, such as memory or attention. The information can then be utilized for personalized clinical decision making. It has the potential to impact an estimated two billion people worldwide living with neurological and psychiatric disorders, such as Alzheimer’s disease, Parkinson’s disease, depression, and ADHD, as well as those who have sustained traumatic brain injuries, like concussion. BNA is responsive to the BRAIN Initiative announced by the White House, which focuses on revolutionizing our understanding of human brain function through the development and application of innovative technologies.
BNA is available to healthcare providers at 15 locations in 8 US cities, including Chicago, Los Angeles, Philadelphia, Minneapolis, Phoenix, Ann Arbor, Hartford, and Palm Beach.
Published by Globes [online], Israel business news - www.globes-online.com - on November 16, 2015
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