Chicago neuroscience startup ElMindA just closed out a $28 million Series C round for its noninvasive test that monitors brain functionality over a long period of time. It has particular use in studying, say, a person’s brain function before and after a concussion – evaluating over many months whether memory or attention have been impacted by a brain injury.
The company’s “Brain Network Activation” system, which uses cognitive electrophysiology to track users’ brain activity, received Food and Drug Administration clearance and a CE Mark in 2014. This new funding will be used to commercialize the test, and encourage its use in the clinic.
The BNA analyzes brain activity data from large populations of patients, studying the way the brain works during memory and attention activities, as well as concussion, depression, or pain. Specifically, it uses advanced signal processing and machine-learning algorithms to study the data from large patient populations to identify patterns of neuronal networks that are activated during specific brain functions, ElMindA says. This data can be harnessed for more precise clinical decision making.
When Investment Rhymes with Canada
Canada has a proud history of achievement in the areas of science and technology, and the field of biomanufacturing and life sciences is no exception.
A notable investor in this round is the Kraft Group, which owns the New England Patriots. Brain injuries plague football players, after all – which could make a monitoring tool like this one quite useful.
Other investors include Shanda Group, Wexford Capital, WR Hambrecht & Co., Palisade Capital Management, OurCrowd and Healthcrest AG.
