Neurotechnology: Top 5 Deals in Europe in 2023

November 21, 2023

Neuromod

On April 13th 2023, Neuromod secured EUR 30 million (£26.4 million) in Series B2 venture funding, with Panakes Partners leading the investment round. The European Investment Bank and Fountain Healthcare Partners also joined as investors. These funds are being utilised to expand the availability of Neuromod’s innovative tinnitus treatment solutions across the United States and Europe.

Neuromod Devices is a globally recognised medical technology company with a mission to establish bimodal neuromodulation as the gold standard in tinnitus treatment. Tinnitus affects approximately 15% of adults worldwide, and Neuromod is at the forefront of addressing this widespread issue. The company employs bi-modal neuromodulation techniques to deliver precise neurostimulation, empowering patients to seamlessly integrate these therapies into their daily lives.

BIOS

On June 22nd 2023, the company secured $20 million (£15.95 million) in venture funding through SAFE notes, with Selvedge Venture at the helm of the investment, establishing the company’s pre-money valuation at $80 million. XTX Ventures also joined as a participant in this funding round. This capital injection is set to drive the commercialisation of their comprehensive neural interface platform, leveraging the power of artificial intelligence to decipher and reconfigure brain-to-body signals with the aim of addressing chronic health conditions.

BIOS specialises in advanced prosthetic connectors, designed to create a standardised interface between bionic devices and the body’s neural and soft-tissue systems. These implantable medical devices can be seamlessly integrated into amputated limbs, revolutionising precision medicine by identifying neural biomarkers. They transcend the skin barrier, providing a permanent attachment point for prosthetics, enabling easy neural control and real-time feedback.

Man & Science

The Belgian-based company Man & Science secured EUR 4.51 million (£4 million) in venture funding from Noshaq and additional undisclosed investors on February 23nd 2023, leading to a pre-money valuation of EUR 22.53 million for the company.

Man & Science is creating a medical device tailored for the treatment of headache disorders. Their discreet and user-friendly device harnesses neurostimulation therapies, employing gentle electrical stimulation techniques to offer a therapeutic alternative for individuals suffering from frequent, daily, or near-daily headaches that have proven unresponsive to standard medical treatments.

CorTec

CorTec secured EUR 2.5 million (£2.21 million) in grant funding from the European Innovation Council Fund on February 14th 2023. These funds will be channelled towards leveraging their neuromodulation platform to enhance their stroke rehabilitation device. Additionally, they aim to accelerate research and development efforts to fully realise the potential of Brain Interchange for stroke rehabilitation therapy, collaborating with clinical partners in both the U.S. and Europe.

The company’s implantable medical device records brain activity, administers electrical stimulation to influence it, and improves communication between the nervous system and technology. This breakthrough innovation empowers healthcare professionals to deliver advanced treatments for neurological disorders, ultimately leading to improved patient outcomes.

Neuranics

Neuranics secured a £2.13 million venture funding round, led by Par Equity on September 27th 2023, with a pre-money valuation of £1.75 million. Old College Capital, Creator Fund, and GU Holdings also participated in this funding round. These funds will be instrumental in advancing ongoing research and development efforts, expanding the current team from nine to 25 members within the next one to two years, initiating sales and marketing activities, and acquiring essential equipment to further their mission.

A pioneer in neurotechnology innovation, this company has developed groundbreaking technology designed to detect magnetic fields produced by the body’s organs. Their magnetic sensing technology is poised to revolutionise the way we interface with the central, peripheral, and autonomic nervous systems, as well as muscles. By significantly improving the functionality of human-machine interfaces and offering exceptional spatial resolution, this technology empowers healthcare companies to balance skills with the latest generation of wearable and implantable devices.

Talent Insight

“With these substantial investments and strategic collaborations, a clear path is emerging towards holistic solutions that unite diverse neuro technological advancements. As the field of neurotechnology continues to evolve, the demand for job roles such as Neuroengineers, Neuromodulation specialists and Neurodata Scientists to name a few are poised for significant growth. These deals represent a significant step forward in harnessing the potential of neurotechnology to improve healthcare and enhance the lives of patients.”

– Tyler Huskins, Advanced Technology Executive Search Specialist

Published on 21-11-2023