Neurovalens, a global leader in non-invasive neuro-technology, has announced the successful closure of a £6m 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 funding round includes investment from new and existing investors. Led by a £1.5m investment by IFNI managed by Clarendon Fund Managers, the round includes £780,000 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 £1m 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.
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.
Jason McKeown, CEO
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.
Brian Cummings, Investor at Clarendon Fund Managers
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.
Sue Barnard, Investor at British Business Bank
