ElMindA, the Israeli pioneer in neuroscience-based technology for analyzing brain network functionality, has announced an oversubscribed $28 million Series C financing round.
Proceeds will be used to continue advancement of ElMindA’s proprietary BNA (Brain Network Activation) system, which uses multi-channel EEG-ERP electrophysiology technology to provide a more accurate, objective assessment of brain functionality over time.
BNA is an innovative non-invasive technology for measuring and analyzing brain function. It is making a buzz around the world because it can potentially be applied to a wide spectrum of indications and their therapeutic interventions including Alzheimer’s disease, Parkinson’s disease, concussion, ADHD, pain, stroke, depression, and other Central Nervous System related conditions.
Investors in this new round of funding include Shanda Group, New England Patriots owner – The Kraft Group, Wexford Capital, WR Hambrecht & Co, Palisade Capital Management, OurCrowd and Healthcrest AG and others.
“We are thrilled to have attracted such a strong group of new and existing investors,” said Ronen Gadot, chief executive officer of ElMindA. “This support is a testament to the vast potential of BNA technology to advance our understanding of how the brain works, and to positively impact people’s lives. We plan to bring BNA to the forefront as a significant resource to monitor and manage the health of your brain throughout the course of your life.”
Gadot says ElMindA will also use the funds for commercial and clinical adoption following BNA’s 2014 FDA clearance in the US, and CE Mark approval in Europe for brain function assessment.
“As an investor who has followed the advancements of the company for several years, we look forward to supporting ElMindA as it further unlocks the potential of BNA to be the preeminent market leader by offering an objective platform for brain function assessment and management of brain disorders,” said Robert Kraft of the Kraft Group.
“ElMindA has developed a truly disruptive technology that addresses a crucial unmet need,” said Tianqiao Chen of Shanda Group. “We’re excited to help develop and promote such a unique technology that can potentially catalyze new treatment options for those affected by brain dysfunction.”
Revolutionizing brain treatments
ElMindA’s vision is to revolutionize the management of brain disorders and injuries by transforming state of the art neuroscience into bedside clinical practice. Its technology enables well-informed clinical decision making.
The BNA tech can also transform drug development and discovery by reducing the risk of failed trials and improving results, thus saving significant time and money for developers.
In the US, BNA is currently available to healthcare providers in Chicago, Los Angeles, Philadelphia, Minneapolis, Phoenix, Ann Arbor, Hartford, and Palm Beach.
ElMindA was founded in 2006 by Professor Amir Geva and has offices in Herzliya, and Glenview, Illinois.