Neurava announced the successful conclusion of its oversubscribed seed financing round, securing $2.26 million in proceeds. Headquartered in Indianapolis, Neurava specialises in the development of an innovative wearable device aimed at reducing the risk of sudden unexpected death in epilepsy (SUDEP).
This device, unlike any other available system, monitors and alerts for seizures, cardiorespiratory dysfunctions, and the potential onset of SUDEP, offering the potential for life-saving interventions. Notably, Neurava achieved recognition as a top-five finisher in last year's MedTech Innovator Accelerator Program.
According to Vivek Ganesh, Neurava's co-founder and CTO, this funding will facilitate the completion of a pivotal usability study involving both adult and paediatric patients with epilepsy at leading clinical institutions. Additionally, the company plans to establish manufacturing partnerships and seek FDA clearance in anticipation of its Series A funding round.
Leading the financing round is Life Science Angels, with strategic support from UCB. Other contributors include Purdue Innovates, Elevate Ventures, Rivermount Ventures, and First Leaf Capital. With this influx of funding, Neurava aims to further enrol patients in pivotal usability studies, building upon promising results from an initial study involving 30 adults.
“We are honored to be backed by our investors. We look forward to working with them to continue growing Neurava. Our vision is to improve the lives of those impacted by epilepsy, and with this investment, we are one step closer to making this a reality.” said Neurava Co-Founder and CEO, Jay Shah.
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