Neural Analytics, Inc. Raises $22 Million in Series C Financing
The investment brings Neural Analytics total funding to approximately $66 million.
Neural Analytics, Inc., a medical robotics company developing and
commercializing technologies to measure and track brain health,
announced today that it has raised approximately $22 million from sale
of Series C shares led by Alpha Edison and the Company has also issued
warrants to purchase stock in connection to the financing. The
investment brings Neural Analytics’ total funding to approximately $66
million.
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Lucid Robotic System: A fully autonomous robotic TCD system for accurate and objective neurovascular assessment. (Graphic: Business Wire)
“Over the past six years we have worked very hard to develop and
validate new technologies into impactful products. Though the
culmination of years of our work into U.S. FDA clearance & European CE
mark was a meaningful milestone in 2018, it was only the start of our
journey. With this financing Neural Analytics will be able to launch the
Lucid Robotic System into clinical environments where it will have the
greatest impact on patient outcomes,” said Leo Petrossian, Ph.D.,
Co-Founder and Chief Executive Officer of Neural Analytics.
The Lucid Robotic System is a cutting-edge technology that combines the
Lucid™ M1 Transcranial Doppler (TCD) System with the NeuralBot™ System.
It is an autonomous all-in-one robotic neurovascular ultrasound device
designed to non-invasively search, measure and display objective brain
blood flow information in real-time.
The Lucid Robotic System goes beyond supporting initial neurological
assessment. It can be utilized throughout the patient care chain: from
the use of a bubble study in the identification of right-to-left shunts,
to monitoring for cerebral blood flow velocities in real time, to emboli
monitoring. The Lucid Robotic System is currently active at select
centers around the United States and Neural Analytics will continue to
expand its commercialization.
“We are honored to deepen our partnership with Neural Analytics. Over
the past year, the company has gained both FDA and EU CE Mark clearance
for their revolutionary platform, which harnesses machine learning and
robotics to accurately and quickly identify critical neurological
conditions. We are confident that the company will play a central role
in shaping the future of data driven diagnostics and bringing new
technologies to healthcare professionals to better care for their
patients,” said Nick Grouf, Managing Partner at Alpha Edison.
This announcement follows Neural Analytics’ recent enrollment of their
first patients into the CODEX Study, a prospective, single-arm, global
multi-center study using an investigational iteration of the Lucid
Robotic System, that aims to further explore the technical feasibility
of this technology in a wider range of patients and neurological
pathologies where monitoring of brain blood flow data would be of
benefit in the assessment of neurological diseases.
Neurological diseases such as stroke affects more than 795,000 people
each year in the U.S.1 Nearly 200,000 of these strokes are
considered to be cryptogenic, or of unknown mechanism.2
Patent Foramen Ovale (PFO), a form of right-to-left shunt affecting 1 in
4 people, is known as a risk factor for ischemic stroke and is commonly
screened in patients with cryptogenic stroke.3 Incorrect
assessment of stroke leads to misdiagnosis and treatment delays,
resulting in death or disability for patients.
About Alpha Edison
Alpha Edison is an early stage venture firm that partners with
courageous entrepreneurs to build industry-changing technology
platforms. We share our research and expertise in business model
innovation to help ambitious founders create new markets, unlock latent
demand, and scale businesses that change our world - for the better.
Based in Los Angeles, CA, you can learn more about us at www.alphaedison.com.
About Neural Analytics, Inc.
Neural Analytics, Inc. is a medical robotics company developing and
commercializing technologies to measure and track brain health. The
company’s Lucid Robotic System (Lucid™ M1 Transcranial Doppler
Ultrasound System and NeuralBot™ System) is a robotically assisted
ultrasound system for brain health assessment. It combines an all-in-one
neurovascular ultrasound device, designed to non-invasively measure and
display brain blood flow information under the guidance of a healthcare
professional. The company’s technology integrates ultrasound, robotics
and machine learning to empower neurologists with critical information
about brain health to make clinical decisions and improve patient
outcomes.
More information is available at http://www.neuralanalytics.com.
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Center for Disease Control. Stroke Facts. https://www.cdc.gov/stroke/facts.htm.
Accessed April 25, 2018 - Mozzafarian D, et al. Circulation.2015;131:e29-e322
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McDermott, LM Amer Coll Cardiol.2018. European Position Paper on
Management of PFO.
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