BrainQ, a developing Artificial Intelligence (AI) powered technologies firm that is seeking to treat neuro disorders, announced on Tuesday it secured $8.8 million through its latest funding round. The financing included Qure Ventures, OurCrowd, Norma Investments, IT-Farm, and other strategic angel investors such as Founder and CEO of Valtech Cardio Amir Gross.
The company reported it is developing technology that utilizes its proprietary AI algorithms to identify spectral patterns in patient’s brain waves. BrainQ explained that these patterns are interpreted and then translated into a tailored electromagnetic treatment protocol aimed to treat disabilities following neuro disorders such as stroke and spinal cord injury. Its technology has already been applied in animal studies and early-stage human clinical trials which have shown very promising results. The Company’s unique AI technology largely stems from developing and owning one of the largest known Brain-Computer Interface (“BCI”)-based EEG databases for motor tasks.
BrainQ Technologies CEO Yotam Drechsler, stated:
“We are on the verge of a new era where AI-based precision medicine will be used to treat neurodisorders, which do not have a sufficient solution to date. At BrainQ, we are thrilled by the opportunity to bring this vision to life in the world of neuro-recovery. In a short time, we have already achieved significant results and are looking forward to the opportunity to push our technology and expand our operations, further positioning BrainQ as a leader in the world of BCI-based precision medicine.”
Speaking about the investment, Qure Ventures General Partner, Dr. Yossi Bahagon, also commented:
“BrainQ’s novel approach to provide a personalized treatment solution fits perfectly within our investment mandate, as the technology is clearly a disruptive and differentiated solution to a large and growing need in the neurorehabilitation market. We are very excited to be partnered with the strong and passionate management team at BrainQ.”
OurCrowd MedTech Venture Partner and BrainQ board member, Morris Laster, added:
“We are pleased that BrainQ was able to successfully raise this significant round with such solid investors. BrainQ is one of our early stage investments that has the disruptive potential we look for. We are proud to have been able to be part of the tremendous progress they have made since our initial investment last year.”
BrainQ plans to use the funding to further develop its non-invasive, BCI-based simulation device towards commercialization activities in various markets. Funds will also be used to support clinical trials and grow the unique BCI-based EEG database.
Have a crowdfunding offering you'd like to share? Submit an offering for consideration using our Submit a Tip form and we may share it on our site!