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.
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 £70m 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 £33m equity fund and can provide equity stakes of up to £5m.
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 £20m in equity and debt funding from UK investors including Wharton Asset Management, IQ Capital, Techstart Ventures, Angel Co Fund, Beltrae Partners, Clarendon Fund Management, Innovation Ulster Limited and British Business Bank.
For more information visit https://neurovalens.com/.
Photo captions
(L-R) Dr Jason McKeown, CEO of Neurovalens and Brian Cummings, Investment Director, Clarendon Fund Managers
For more information please contact:
Symon Ross at Cavendish Consulting
Symon.ross@cavendishconsulting.com
T: 07827524668
About Neurovalens
Co-founded by Dr. Jason McKeown in 2015, Neurovalens is a global health-tech company that creates non-invasive medical devices to solve some of the world’s most significant health challenges. The company’s Modius technology is an FDA-cleared medical device that is currently available as a prescribed treatment for insomnia and anxiety. The company is located in Belfast, UK.
About the Investment Fund for Northern Ireland
The Investment Fund for Northern Ireland delivers a £70m commitment of new funding to smaller businesses. The fund aims to drive sustainable economic growth by supporting innovation and creating local opportunity for new and growing businesses across Northern Ireland.
The Investment Fund for Northern Ireland offers two different commercial finance options of loans ranging from £25,000 to £2m and equity investments up to £5m. The fund covers the whole of Northern Ireland, including rural, coastal and urban areas.
