Belfast-based neurotechnology company Neurovalens has secured £6 million (€6.95 million) in funding to accelerate commercial expansion of its FDA-approved neurostimulation devices for treating mental health conditions including insomnia, anxiety, and post-traumatic stress disorder.
The investment round was led by Investment Fund for Northern Ireland, with participation from Whiterock's Growth Capital Fund and follow-on support from existing investors IQ Capital, Innovation Ulster, and the Angel Co-Fund, along with private investors. The funding package includes a £1 million loan from the IFNI debt fund managed by Whiterock.
FDA-Cleared Neurostimulation Technology
Neurovalens's technology delivers mild electrical stimulation to targeted areas of the brain and nervous system to address serious mental health challenges. The company has already obtained clearance from the US Food & Drug Administration for its device treating insomnia and for its Calm device designed for anxiety management.
"Our technology offers an entirely new approach to treating serious global health challenges through safe, non-invasive neurostimulation," said Dr Jason McKeown, chief executive of Neurovalens. "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."
Commercial Expansion Strategy
The funding will be strategically deployed to boost sales of current medical devices and pursue additional regulatory approvals from US authorities. Founded in 2015 by Dr McKeown and neuroscientist Paul McGeoch, Neurovalens has now raised approximately £20 million through a combination of debt and equity from UK investors.
Previous investors include Wharton Asset Management, IQ Capital, Techstart Ventures, Angel Co Fund, Beltrae Partners, Co-Fund NI managed by Clarendon Fund Managers, Innovation Ulster Limited, and the British Business Bank.
Investment Fund Support
The Investment Fund for Northern Ireland was launched by the British Business Bank to drive sustainable economic growth by supporting scaling businesses through debt finance and equity investments. The £33 million equity fund is managed by Clarendon Fund Managers, offering equity stakes of up to £5 million.
"Clarendon is proud to continue our support for Neurovalens through the IFNI fund," said Brian Cummings, investment director at Clarendon Fund Managers. "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."
The company's approach represents a significant advancement in non-invasive treatment options for mental health conditions, positioning Neurovalens to capture growing demand for innovative neurostimulation therapies in global markets.
