Iota Biosciences, a US-based medical device manufacturer spun out of University of California (UC) Berkeley, has closed a $15m series A round backed by investors including pharmaceutical firm Astellas.
Horizons Ventures, Bold Capital Partners, Ironfire and Shanda also supplied capital for the round, which was closed in May 2018 but only formally confirmed last week.
Founded in 2017, Iota Biosciences is working on implantable bioelectronic devices called neural dust that are the size of a grain of sand.
The devices can record information and stimulate precise nerve clusters at the same time, and are expected to have applications in chronic conditions such as inflammation and motor disorders in addition to cognitive impairment.
Neural dust is based on research at UC Berkeley by co-founders and co-CEOs Jose Carmena and Michel Maharbiz. The series A proceeds will allow Iota to advance its technology into preclinical trials.
Ehud Isacoff, director of UC Berkeley’s Helen Wills Neuroscience Institute, said: “Iota’s neural dust platform is a major breakthrough that opens up many doors for bioelectronic medicine and brain-machine interfaces.
“Like many other startups that have originated at UC Berkeley, Iota emerged from exploratory research. The company’s success and promise of life-changing effects for millions who suffer from debilitating disease points to the importance of funding fundamental experimental research.”
The original version of this article appeared on our sister site, Global University Venturing.
