As a leading cause 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. The US is not alone. Worldwide, over one billion people suffer from neuro disorders.
Enter BrainQ, an Israeli stroke therapy technology startup that is developing a breakthrough platform for precision neurology therapies to treat the impaired brain using a brain-computer interface (BCI)-based approach. Its goal is to develop therapies that target damaged neuronal networks and facilitate neuro recovery.
Today, BrainQ announced it has secured $40 million in funding to support a multicenter pivotal trial for its groundbreaking technology for ischemic stroke survivors in selected US hospitals. The round was led by Hanaco Ventures, along with Dexcel Pharma, and Peregrine Ventures.
The latest round brings the total funding raised by the company to over $50 million, adding to support already secured from existing investors OurCrowd, Norma, Sailing Capital, IT Farm, Millhouse, and Qure.
Founded in 2016 by Prof. Esther Shohami, Yaron Segal, and Yotam Drechsler, the Jerusalem, Israel-based startup is developing a cloud-based platform to map brain network activity using explanatory machine learning algorithms to extract biological insights that translate into precision therapies. The therapies are delivered via an investigational non-invasive portable medical device that creates a frequency-tuned low-intensity electromagnetic field.
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.
BrainQ Co-Founder and CEO Yotam Drechsler said, “We’ve seen great advancements in increasing stroke survival rates, but it remains the leading cause of long-term disability. 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.”
In conjunction with the funding, BrainQ also announced the addition of a new board member, Stacey Pugh, Chief Commercial Officer of Butterfly Network, and until recently SVP and President of Medtronic’s Neurovascular business.