Neurava has successfully concluded its Series Seed round, surpassing its target by raising $2.26 million.
Neurava focuses on creating cutting-edge wearable gadgets for the approximately 3.5 million individuals in the United States and 65 million globally suffering from epilepsy to reduce the risk of SUDEP (Sudden Unexpected Death in Epilepsy). According to the CDC, there are approximately 1.16 cases of SUDEP per 1000 individuals with epilepsy annually, resulting in the loss of 101,000 years of potential life in the U.S. every year, ranking second only to stroke among neurological conditions. The primary risk factors include uncontrolled or frequent seizures and generalized convulsive seizures. SUDEP commonly occurs during or immediately after a seizure and can be attributed to breathing difficulties and irregular heart rhythms.
Neurava’s device is designed to monitor and alert individuals about seizures, cardiorespiratory dysfunctions, and the potential risk of SUDEP, distinguishing itself from other existing systems in the market. This capability enables timely intervention, potentially saving lives. Vivek Ganesh, Co-Founder and CTO of Neurava, expressed, “This funding will facilitate the completion of a crucial usability study at renowned clinical establishments involving adult and pediatric epilepsy patients. Additionally, we will establish partnerships for manufacturing and seek FDA clearance in preparation for our upcoming Series A funding round.”
The funding round was spearheaded by Life Science Angels and received a second strategic investment from UCB, along with substantial support from Purdue Innovates, Elevate Ventures, Rivermount Ventures, and First Leaf Capital. Jay Shah, Co-Founder and CEO of Neurava, remarked, “We are grateful for the support of our investors and eagerly anticipate collaborating with them to further advance Neurava. Our mission is to enhance the quality of life for individuals affected by epilepsy, and with this investment, we are closer to realizing this vision.”
Neurava has accomplished significant milestones since its establishment in 2019:
- Actively enrolling participants in a pivotal full system usability study involving adults and children.
- Successfully concluded a study with 30 adults, yielding promising results in terms of usability and performance.
- Recognized as a finalist and one of the top 5 startups at the 2023 MedTech Innovator (MTI) Global Competition, standing out among 61 leading startups. With a mere 5% acceptance rate, MTI alumni have introduced 281 products to the market, securing a total funding of $7 billion, obtaining 50 FDA approvals in the last 12 months, and a total of 41 acquisitions.
- Awarded the 2022 Innovation of the Year accolade at TechPoint’s 23rd annual Mira Awards.
About Neurava
Neurava is a pioneering MedTech startup specializing in the development of revolutionary smart wearables capable of detecting and notifying individuals about seizures, cardiorespiratory irregularities, and the potential risk of SUDEP. The diagnostic platform, spearheaded by the company’s founders, holds the potential to save the lives of millions worldwide grappling with epilepsy.
References
- “Sudden unexpected death in epilepsy (SUDEP),” Centers for Disease Control and Prevention.
- D. J. Thurman, et al., “Sudden unexpected death in epilepsy: Assessing the public health burden,” Epilepsia, Jun. 2014. doi:10.1111/epi.12666
SOURCE Neurava Inc.