Israeli stroke therapy technology startup BrainQ today announced the completion of a $40 million financing round led by Hanaco Ventures, with participation from Dexcel Pharma, and Peregrine Ventures. The round brings the total funding raised by BrainQ to over $50 million, with existing investors including OurCrowd, Norma, Sailing Capital, IT Farm, Millhouse and Qure.
The funding will be used to support the company’s upcoming multicenter pivotal trial for ischemic stroke survivors for its technology in select US hospitals as well as to continue building its marketing infrastructure. Earlier this year, BrainQ was awarded FDA Breakthrough Device Designation for its investigational stroke therapy, which provides the company with the opportunity to work closely with the FDA to spped up development plans and premarket clearance as well as access to the new Medicare Coverage of Innovative Technology (MCIT) pathway.
Jerusalem-based BrainQ was founded by CEO Yotam Drechsler, CIO Dr. Yaron Segal and CSO Prof. Esther Shohami.
Drechsler said, "There have been great advancements in developing ways for increasing the survival rate following stroke, but stroke has remained the leading cause of long-term disability, which poses a significant societal challenge. With the new funding and strong research partners, we are entering our pivotal study with the goal of significantly increasing the window of opportunity for reducing disability following stroke and enhancing the recovery potential - something that can impact the lives of so many."
BrainQ’s investigational cloud-based technology aims to reduce disability and promote rehabilitation neurorecovery for stroke victims. Using a Brain Computer Interface-based approach, the company’s frequency-tuned low intensity electromagnetic field therapy operates based on biological insights retrieved from brainwaves using explanatory machine learning tools. These insights are aimed at imitating the natural processes of neural network synchronization and promoting recovery processes. The system allows for scalable and decentralized care via a portable, non-invasive wearable device that is cloud-connected with integrated telemedicine tools that enable remotely monitored sessions through an app.
Published by Globes, Israel business news - en.globes.co.il - on August 16, 2021
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