Image credits: Albion VC
London-based Neurofenix, a health tech startup, announced on Monday that it has secured $7M (approximately €7M) in a Series A round of funding led by AlbionVC. HTH, InHealth Ventures, and existing investors also participated in the round.
The UK company says the capital will help it to accelerate product development and invest in US expansion, including funding US clinical trials.
What does Neurofenix solve?
A report from NICE (National Health for Health and Care Excellence) reveals that more than 100,000 people in the UK have strokes a year, with care costing the NHS around £3B annually.
In the US, where around 795,000 people suffer from a stroke yearly, rehab costs can reach over $17K a year per patient annually, says another report.
Neurofenix aims to change with its personalised rehab programme through gamification.
Neurofenix: What you need to know
Founded by Imperial graduates and Entrepreneur First alumni Singla Buxarrais (CEO) and Dimitrios Athanasiou (CTO) in 2016, Neurofenix is a neurological rehabilitation platform that uses sensor technology to improve patient recovery outcomes.
Neurofenix’s rehab programme currently focuses on arm and hand therapy through its NeuroBall device. The company says the device was designed with input from over 300 therapists and patients.
The device is personalised to each patient based on their current needs and enables them to perform increasingly challenging, repetitive movements to help build up strength.
Investor
AlbionVC supports visionary founders with long-term capital and scale-up expertise. The company manages $1B of venture funds invested in over 50 companies.
“Neurofenix is poised to revolutionise physical recoveries after a neurological injury, such as a stroke, traumatic brain injury, or spinal cord injury. Its digital therapeutics platform, which can be used in rehabilitation clinics and by an individual bringing clinical-grade treatment into the home, generates recovery of movement, strength, and activities of daily living faster and with better results. With my background as a neurosurgeon, I could see that Neurofenix is positioned to fill a major gap in the neuro-rehab industry,” says Andrew Elder, deputy partner of Albion VC.
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