Neuromod, the Irish medical device company specialising in the treatment of tinnitus, has raised €10.5 million in an oversubscribed Series B financing.
The investment was led by majority investor Fountain Healthcare Partners, with participation from existing investors Moffett Investment Holdings and Medical Device Resources, with venture-debt provided by Kreos Capital and Silicon Valley Bank.
The company said the proceeds from the financing will be used to expand European commercialisation of the Company's Lenire tinnitus treatment device; to scale-up manufacturing, progress the Company’s U.S. FDA strategy, and pursue opportunities with the United States Department of Veteran Affairs.
It said it is estimated that roughly 20 million Americans struggle with chronic tinnitus, while over 2 million U.S. Veterans receive disability payments for service-connected tinnitus, according to the 2019 USVA Annual Benefits Report.
Neuromod’s European expansion began in April 2020 with the opening of the company’s German office in Bavaria.
It said it plans to invest significantly in sales and marketing and will recruit 40 employees over the next 12 months, with roles based initially in Ireland and Germany.
