Neurovalens Attracts £6 Million in Funding

Neurovalens has closed a £6 million investment round led by the Investment Fund for Northern Ireland (IFNI).

Neurovalens has obtained U.S. Food and Drug Administration (FDA) clearance for two 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 United States and are being prescribed by healthcare professionals.

“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,” Neurovalens CEO Dr. Jason McKeown said. “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 £6m funding round includes investment from new and existing investors. Led by a £1.5 million 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 £1 million loan from the IFNI debt fund managed by Whiterock.

The investment round will support Neurovalens’ commercial expansion across the United States and global healthcare markets, advance its regulatory pipeline, and accelerate sales of its FDA-cleared devices.

“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,” stated Brian Cummings, investment director at Clarendon Fund Managers. “We look forward to working with Jason and his team as the business expands its commercial operations in the US and beyond.”

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 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 equity fund and can provide equity stakes of up to £5 million.

“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,” commented Sue Barnard, senior investment manager at British Business Bank. “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 in equity and debt funding from U.K. investors including Wharton Asset Management, IQ Capital, Techstart Ventures, Angel Co. Fund, Beltrae Partners, Clarendon Fund Management, Innovation Ulster Limited, and British Business Bank.

Based in Belfast, Northern Ireland, Neurovalens is a medical device company specializing in leveraging the power of neuroscience and advanced technology to address various global health challenges including insomnia, anxiety, and post-traumatic stress disorder (PTSD).