Brainscope, a US-based medical neurotechnology developer backed by industrial conglomerate General Electric (GE) and sports ruling body National Football League (NFL), closed a $16m funding round yesterday.
The round included DBL Partners, Revolution, ZG Ventures and Maryland Venture Fund, an early-stage vehicle owned by the US state of Maryland, as well as unnamed existing and new investors.
BrainScope has developed a medical device that enables a fast assessment of a patient’s head injury, capable of delivering objective results for up to three days following an incident. The device can help a physician understand if a patient has a structural or functional brain injury.
The device has received regulatory approval in the US and is aimed at a variety of markets, from emergency rooms to university and professional sports as well as the military and government.
The money will go towards a commercial launch of the BrainScope One device and will also support continued R&D activities. Cynthia Ringo, senior partner at DBL Partners, will join BrainScope’s board of directors.
GE and NFL provided $500,000 in funding to BrainScope in 2015 through the $10m GE NFL Head Health Challenge. The cash added to more than $22m in equity and debt from Revolution, Shaman Ventures, ZG Ventures, State of Maryland Venture Fund, Brain Trust Accelerator Fund and Difference Capital.