NovaSignal, a US-based brain diagnostics technology developer backed by clinical research services provider TigerMed, secured $37m in a series C1 round on Tuesday.
The round was co-led by venture capital firms Alpha Edison and Reimagined Ventures. It came after Alpha Edison led a $22m series C round for the company in May 2019 while it was still called Neural Analytics, having also issued warrants to buy stock in connection with the financing.
Founded in 2013, NovaSignal has created technology that uses robotics and artificial intelligence (AI) to assess and monitor blood flow in the brain through ultrasounds, helping prevent events like strokes. The funding will boost its research and development and commercialisation efforts in addition to funding clinical trials.
Alpha Edison also led the company’s $15m series B round in 2018, after Reimagined Ventures led a $10m round the previous year. TigerMed took part in NovaSignal’s $10m series A round in 2015 through investment unit Taiyu Capital, alongside venture capital fund JSR.
Diane Bryant, chief executive and chairwoman of NovaSignal, said: “The healthcare industry recognises the need for faster and more accurate stroke diagnosis. Stroke is an interruption of blood flow to the brain. The NovaSignal Platform autonomously captures and analyses cerebral blood flow data through the application of robotics, AI and cloud computing.
“It is the only solution capable of democratising cerebral blood flow assessment. The NovaSignal Platform will improve the standard of care for stroke patients, and we are determined to drive availability to the millions of people in the US that suffer from neurological conditions every year.”
