Neuromod, a medical device company based in Dublin, raised €10 million (around $11 million) in equity funding.
This new funding adds to Neuromod’s successful €10.5 million (about $11.5 million) Series B funding round in 2020.
The latest round of funding was led by Fountain Healthcare Partners and Panakès Partners, who had participated in Neuromod’s previous funding rounds.
What Neuromod Does
Neuromod develops medical technology to treat tinnitus, a condition where patients experience ringing or buzzing sounds in their ears without any external source. Neuromod’s primary product is Lenire, a device that was cleared by the U.S. Food and Drug Administration (FDA) under the De Novo process in 2023.
Lenire is designed for at-home use and is prescribed by healthcare providers. It works using dual-mode stimulation, which combines sound stimulation through headphones and mild electrical stimulation through the tongue to retrain how the brain processes sound. Lenire is available through audiology and ear, nose, and throat (ENT) practices in both the United States and Europe.
Neuromod stated that the new funding will support:
- Expanding commercial operations in the United States and Europe
- Strengthening partnerships with the U.S. Department of Veterans Affairs, which is exploring Lenire as a treatment option for veterans with tinnitus
Alessio Beverina, managing partner at Panakès Partners, expressed confidence in Neuromod’s progress since their initial investment. He highlighted Neuromod’s successful clinical trials, FDA approval, and growing commercial success in both the United States and Europe. Beverina stated that Panakès is committed to helping Neuromod establish a new standard of care for tinnitus, which has historically lacked effective treatments.
The Bigger Picture
Neuromod’s progress comes at a time when other companies are also advancing in the field of neuromodulation technology, targeting a range of medical conditions beyond tinnitus.
Wavegate Corporation, a Louisiana-based company, is developing the Ellipse Spinal Cord Stimulator Platform for chronic pain management. The Wavegate platform includes StimuLux technology, which uses optical reflectometry to track spinal cord positioning and automatically adjust electrical stimulation. Wavegate raised $26 million in Series A funding last year to advance its technology.
Israeli-based GrayMatters Health focuses on self-neuromodulation therapies for mental health disorders; in 2023, received FDA clearance for Prism, a device aimed at treating post-traumatic stress disorder (PTSD). Prism works by using an EEG cap combined with software that helps patients control brain activity linked to the amygdala, a brain region involved in emotional processing. GrayMatters raised $10 million in Series A funding in 2022 in a round led by Otsuka, a Japanese pharmaceutical group.
Massachusetts-based Cognito Therapeutics is working on neuromodulation for neurodegenerative diseases like Alzheimer’s. Cognito’s device uses non-invasive stimulation to improve brain function. In 2023, Cognito raised $73 million in Series B funding led by FoundersX Ventures, bringing its total funding to $93 million.