Neurovalens, a global leader in non-invasive neuro-technology, has announced the successful closure of a 6 million GBP investment round, led by the Investment Fund for Northern Ireland (IFNI).
Based in Belfast, Northern Ireland, Neurovalens is a pioneering medical device company which specialises in leveraging the power of neuroscience and advanced technology to address a variety of global health challenges including insomnia, anxiety and post-traumatic stress disorder (PTSD).
Neurovalens has obtained medical device clearance from the US Food & Drug Administration (FDA) for two innovative products: the Modius Sleep device for treating insomnia and the Modius Calm device for managing anxiety. Both devices are now available for purchase in the US and are being prescribed by healthcare professionals.
The 6m GBP funding round includes investment from new and existing investors. Led by a 1.5 million GBP investment by IFNI managed by Clarendon Fund Managers, the round includes 780,000 GBP 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 GBP loan from the IFNI debt fund managed by Whiterock.
The investment round will support Neurovalens’ commercial expansion across the US and global healthcare markets, advance its regulatory pipeline, and accelerate sales of its FDA-cleared devices.
Dr Jason McKeown, CEO of Neurovalens said: “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. 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.”
The IFNI was launched by The British Business Bank to tackle an identified funding gap, with the aim of driving sustainable economic growth by supporting innovation and creating opportunities for new and scaling businesses.
The 70 million GBP fund offers businesses a range of commercial financial options including debt finance and equity investments to support businesses from all sectors in Northern Ireland and at different growth stages. Clarendon Fund Managers manages the 33 million GBP equity fund and can provide equity stakes of up to 5m GBP.
Brian Cummings, Investment Director at Clarendon Fund Managers said: “Clarendon is proud to continue our support for Neurovalens through the IFNI fund. The company has achieved some very significant milestones over the past few years including medical device clearance from the FDA for the treatment of some serious health conditions. We look forward to working with Jason and his team as the business expands its commercial operations in the US and beyond.”
Sue Barnard, Senior Investment Manager at British Business Bank said: “Northern Ireland has a strong medtech sector which interconnects well with the life and health sciences ecosystem, meaning businesses here are well positioned to reshape the landscape of diagnostics, treatment and patient care. It is particularly pleasing to see Neurovalens continue to grow and evolve as their non-invasive, neurostimulation products help to solve some global health challenges.
“Helping businesses, like Neurovalens, take the next step on their growth journey is exactly why the Investment Fund for Northern Ireland was launched and I am looking forward to seeing what’s next for the team as they continue their global expansion.”
To date, Neurovalens has raised approximately 20 million GBP in equity and debt funding from UK investors including Wharton Asset Management, IQ Capital, Techstart Ventures, Angel Co Fund, Beltrae Partners, Co-Fund NI managed by Clarendon Fund Managers, Innovation Ulster Limited and British Business Bank.
