Neural Analytics, a US-based brain monitoring developer backed by clinical research services provider TigerMed, attracted $15m yesterday in a series B round led by investment vehicle Alpha Edison.
Neural Analytics’ Lucid Transcranial Doppler Ultrasound System is a battery-operated tablet device that uses ultrasound and data science to monitor cerebral blood vessels from outside the body. It has been approved by regulators in the US and European Union.
Lucid could help physicians monitor cerebral blood flows where large blood vessels have been obstructed, a situation that can cause an acute ischemic stroke – the abrupt loss of blood circulation to a section of the brain.
The cash will help Neural Analytics hire additional personnel and further develop Lucid so it is capable of monitoring a greater range of cerebral health conditions.
The company recently secured a $10m contract from the US Army’s medical research and materials command to develop a portable device for assessing combat-related traumatic brain injuries.
The round took Neural Analytics’ total equity funding to $42m, including $10m secured from TigerMed’s Taiyu Capital subsidiary and venture capital fund JSR in 2015. VC firm Reimagined Ventures later led a $10m round for Neural in April 2017.