Cork-based MedTech start-up NeuroBell has announced the closing of a new round of funding as it spins out from University College Cork.
The €2.1m investment was led by Furthr VC, Atlantic Bridge and HBAN MedTech Syndicate, with Enterprise Ireland and other private investors also investing.
The funding will enable NeuroBell launch its new technology for real-time and accurate detection of seizures in newborns needing additional care, enabling early intervention that can improve outcomes.
To support its growth, NeuroBell said it will create 12 new jobs by 2025.
The company was founded by Dr Mark O'Sullivan, Dr Alison O’Shea and Colm Murphy.
It aims to address a critical gap in the availability and accuracy of current technologies used to detect seizures in newborns admitted to the neonatal intensive care unit (NICU).
Continuous electroencephalography (EEG) monitoring is currently used to monitor newborn brain activity, but these devices are cumbersome, have limited availability and require specialised training to operate and interpret results.
A lack of expertise in this area leads to overlooked and untreated seizures.
But NeuroBell has developed an easy-to-use, pocket-sized wireless brain monitor which can detect seizures in babies.
Its new technology allows routine monitoring of babies across various hospital settings without the need for specialised expertise and it also eliminates the need for extensive training in both configuration and result interpretation.
Supported by the Enterprise Ireland Commercialisation Fund, NeuroBell is now focused on securing FDA approval before launching its device in the US market in 2024, followed by the European market.
Dr Mark O'Sullivan, co-founder and chief executive of NeuroBell, said today's funding marks a significant leap forward in advancing its goal to launch the product and get it into the hands of clinicians around the world to help newborn patients.
"Our solution will improve newborn care, offering gold standard brain monitoring with automated decision support to patients in all settings, including regional and tertiary hospitals," he added.
Dr Sally Cudmore, Director of UCC Innovation, said that NeuroBell is a great example of UCC's ambition to nurture entrepreneurial talent.
"The significant investment that the team has secured is testament to a strong leadership team and innovative technology. As a Limited Partner in the University Fund II managed by Atlantic Bridge, UCC is delighted to see that fund invest in NeuroBell and their mission to develop technology that will have a significant impact on newborns’ brain health," she added.
