Technology with attitude

NeuroVigil Receives More in First Round Funding Than Facebook and Google Combined

NeuroVigil is the company behind iBrain, a miniaturized EEG system which detects the impact of drugs on the brain in patients with neurological diseases, and use unusual brain signals as potential biomarkers associated with harmful side effects. NeuroVigil describes itself as a neurotechnology company centered on a “fundamentally new way to assess brain activity, non-invasively, and rapidly, using a single channel of electroencephalogram.”

The company recently got its first round of funding from a mysterious “anonymous” person. The amount of cash is bigger than Google’s and Facebook’s first round investments combined.

Imagine the money that could be made by a drug company that accurately predicted and treated the onset of Alzheimer’s before any symptoms surfaced. That explains why NeuroVigil, a company specializing in non-invasive, wireless brain-recording tech, just got a cash injection that puts it at a valuation “twice the combined seed valuations of Google’s and Facebook’s first rounds,” according to a company announcement. The round was led by an anonymous American industrialist and technology visionary, with participants distributed across both the U.S. West and East Coasts.

NeuroVigil - iBrain
In 2009, NeuroVigil created the iBrain device and introduced it to the clinical trials space for leading pharmaceutical companies and research institutions to use for collecting brainwave activity from patients at home instead of in the hospital. NeuroVigil, which owns the devices and the data, is searching for biomarkers of major neuropathologies as well as potential signatures of pre-market drugs on the brain.
The company was founded by Dr. Philip Low, when he was a graduate student at the Salk Institute for Biological Studies. Under Dr. Low’s leadership, NeuroVigil won several awards and prizes, successfully went to market, organized the First International Conference on Alzheimer’s Disease and Advanced Neurotechnologies and was identified by Fast Company as one of the Most Innovative Companies in Health Care.
But how much did NeuroVigil cashed in recently? Facebook’s Series A funding in May 2005 was at $12.7 million, valuing the firm at $98 million. Some figure put the Series A funding of Google, on a $25 million co-investment from Sequoia and Kleiner Perkins, at $75 million in late 1999. Add those valuations. Double ’em, and it would seem NeuroVigil got tens of millions in early cash, enough for a valuation of roughly $250 million.

Article source: cnbc.com and fastcompany.com.

Comments are closed, but trackbacks and pingbacks are open.