BrainQ, an Israeli stroke therapy technology startup, today announced it has raised a $40 million or R592 million to support a multicenter pivotal trial for its groundbreaking technology for ischemic stroke survivors in selected US hospitals.
The funding round is led by Hanaco Ventures, along with Dexcel Pharma, and Peregrine Ventures, bringing the total raised by the company to over $50 million or R739 million.
This year, BrainQ received FDA Breakthrough Device Designation allowing the company to work closely with the FDA to expedite development plans and premarket clearance, with access to the new Medicare Coverage of Innovative Technology pathway.
“We’ve seen great advancements in increasing stroke survival rates, but it remains the leading cause of long-term disability,” BrainQ Co-Founder and CEO Yotam Drechsler said.
With new funding and strong research partners, we’re entering our pivotal study aimed at significantly increasing the window of opportunity for reducing disability and enhancing recovery potential.”
A leading causes of disability, strokes affect 800,000 people annually in the US alone. Following a stroke, the brain attempts to repair damaged neural pathways and develop new ones to restore function, often with limited success. This results in chronic disability for 50-70% of survivors.
BrainQ’s investigational technology aims to reduce disability and promote neurorecovery for stroke victims. Using a Brain Computer Interface-based approach, the company’s frequency-tuned low intensity electromagnetic field therapy is designed to operate based on biological insights retrieved from brainwaves using explanatory machine learning tools.
These insights are aimed at imitating the natural processes of neural network synchronization and promoting recovery processes. The system is designed to allow for scalable and decentralized care via a portable, non-invasive wearable device that is cloud-connected with integrated telemedicine tools that enable remotely monitored sessions through an app.