MedTech startup Neuronostics raises over £2m in oversubscribed seed funding round

The multi-award-winning University of Exeter spinout company, Neuronostics, has raised 2.1 million GBP in funding to develop its epilepsy diagnosis technology. The successful round of seed funding was led by the Ascension Life Fund.

The new investment, along with backing from a group of additional investors including QantX, the Cornwall and Isles of Scilly Investment Fund managed by The FSE Group and Empirical Ventures, will allow Neuronostics to accelerate its route to market in the UK and Middle East, while also seeking regulatory approval from the FDA for the US market.

Chris Wheatcroft, Investment Director at the Ascension Life Fund said: “We are delighted to have invested in Neuronostics, whose software as a medical device could revolutionise how neurological conditions are diagnosed and treated.”

Neuronostics was co-founded by Professor John Terry and Dr Wessel Woldman in 2018. Their research is focused on the development and application of mathematical and computational methodologies for understanding the dynamics of biomedical systems, with particular interests in the transitions between healthy and unhealthy states in the human brain.

As part of their work, the company are developing a patented biomarker of epilepsy called BioEP. This digital biomarker reveals features from routinely collected clinical recordings that are currently hidden from clinical practice according to the company.

These features indicate how likely a person is to have epilepsy, which supports a neurologist in determining the most appropriate next steps and also enhances the diagnostic capabilities of EEGs.

Traditionally, EEGs are used in clinical settings to visually identify abnormalities indicative of epilepsy, such as interictal spikes or discharges. However, these features are absent in approximately 70% of EEGs, making the diagnosis of epilepsy challenging  and typically delayed.

BioEP enhances EEG analysis by detecting epilepsy-associated features in routine  recordings, even when traditional epileptiform rhythms are absent. This approach can speed up diagnosis meaning patients receive more effective treatment sooner and relieves downstream pressures by reducing further testing.

Neuronostics have received a further 350,000 GBP grant from Innovate UK through its Investor Partnerships programme, to develop the BioEP platform.

“Alongside the scientific and clinical traction we have gained these past two years, closing this round is a clear signal that our technology and business model  is commercially sound and scalable in global markets,” said Co-Founders of Neurotronics Professor terry and Dr Woldman. “We are excited to be working with several hospitals in the UK to pilot BioEP, as well as to generate further clinical evidence of its health economic impact.”

SBRI Health also announced a 100,000 GBP contract to enable a feasibility study to be undertaken that explores the utility of BioEP for epilepsy diagnosis in paediatric cohorts.

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