ElMindA, the Israeli pioneer in neuroscience-based technology for analyzing brain network functionality, has announced an oversubscribed $28 million round of Series C financing.
The 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 a non-invasive technology for measuring and analyzing brain function.
Investors in this new round of funding include the Chinese investment firm Shanda Group, the Swiss company Healthcrest AG, and The Kraft Group, a grouping of companies held by the family of New England Patriots owner Robert Kraft.
“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 U.S.
“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 Kraft. “ElMindA has developed a truly disruptive technology that addresses a crucial unmet need,” added 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.”
ElMindA was founded in 2006 by Professor Amir Geva and has offices in Herzliya, Israel, and Glenview, Illinois. Its BNA system is currently available to American healthcare providers in Chicago, Los Angeles, Philadelphia, Minneapolis, Phoenix, Ann Arbor, Hartford, and Palm Beach.
ElMinda demonstrated BNA at AIPAC’s 2014 Innovation Showcase.
[Photo: MyBNA / YouTube ]