Neural Analytics, a US-based brain-health tracking technology developer backed by clinical development services provider TigerMed, raised approximately $22m yesterday in a series C round led by venture capital firm Alpha Edison.
The company has also issued warrants to acquire stock to undisclosed investors in connection with the round, though the identities of any other participants were not disclosed.
Founded in 2013, Neural Analytics is the creator of Lucid Robotic System, which uses robotically-assisted technology to monitor brain health, administering neurovascular ultrasound to evaluate blood flows in the patient’s brain in real time.
The system combines robotic neurovascular ultrasound with what is known as transcranial doppler ultrasound, which quickly assesses the brain’s basal arteries to help measure a patient’s cerebrovascular function.
The technology could help prevent and manage serious neurological conditions such as ischemic stroke, which occurs when the blood supply to part of the brain is interrupted. The company also supplies portable systems for the monitoring of brain health.
Neural Analytics now aims to accelerate commercialisation of Lucid Robotic System, which has been sanctioned as safe by US healthcare regulator Food and Drug Administration and under the European Union’s CE certification system.
The series C round increased Neural Analytics’ overall funding to $66m, the company said. It follows a $15m series B led by Alpha Edison in January 2018.
VC fund Reimagined Ventures had led a $10m round for the company in 2017, two years after it closed a $10m series A featuring TigerMed subsidiary Taiyu Capital and VC fund JSR.
Neural Analytics was spun out of University of California, Los Angeles. UCLA Ventures, the community-orientated VC fund founded by the university, added Neural Analytics to its portfolio in 2017, though details of its investment were not disclosed.
The original version of this article appeared on our sister site, Global University Venturing.