JERUSALEM, May 15, 2018 /PRNewswire/ --
BrainQ, developing Artificial Intelligence (AI) powered technologies to treat neurodisorders in innovative ways, today announced the completion of a financing round, making the total investment in the Company to date stand at $8.8M. The financing included Qure Ventures, OurCrowd.com, Norma Investments, IT-Farm, and other strategic angel investors such as Founder and CEO of Valtech Cardio Amir Gross, acquired by Edwards in a $990M deal in November 2016.
BrainQ is developing breakthrough technology that utilizes its proprietary AI algorithms to identify high resolution spectral patterns in patient's brain waves ("Electroencephalogram" or "EEG"). These patterns are interpreted and then translated into a tailored electromagnetic treatment protocol aimed to treat disabilities following neurodisorders such as stroke and spinal cord injury. These are conditions that globally affect tens of millions of people each year. The Company's technology has already been applied in animal studies and early stage human clinical trials which have shown very promising results. The Company's unique AI technology largely stems from developing and owning one of the largest known Brain Computer Interface ("BCI")-based EEG databases for motor tasks.
BrainQ will use the funding to further develop its non-invasive, BCI-based simulation device towards commercialization activities in various markets. Funds will also be used to support clinical trials and grow the unique BCI-based EEG database.
BrainQ Technologies CEO Yotam Drechsler says, "We are on the verge of a new era where AI-based precision medicine will be used to treat neurodisorders, which do not have a sufficient solution to date. At BrainQ, we are thrilled by the opportunity to bring this vision to life in the world of neuro-recovery. In a short time, we have already achieved significant results and are looking forward to the opportunity to push our technology and expand our operations, further positioning BrainQ as a leader in the world of BCI-based precision medicine."
Qure Ventures General Partner Dr. Yossi Bahagon says, "BrainQ's novel approach to provide a personalized treatment solution fits perfectly within our investment mandate, as the technology is clearly a disruptive and differentiated solution to a large and growing need in the neurorehabilitation market. We are very excited to be partnered with the strong and passionate management team at BrainQ."
OurCrowd MedTech Venture Partner and BrainQ board member Morris Laster says, "We are pleased that BrainQ was able to successfully raise this significant round with such solid investors. BrainQ is one of our early stage investments that has the disruptive potential we look for. We are proud to have been able to be part of the tremendous progress they have made since our initial investment last year."
BrainQ was co-founded by Yotam Drechsler (CEO), Dr. Yaron Segal (CTO), and Prof. Emerita Esther Shohami (CSO). The co-founders have recruited a tremendous AI team, largely from the elite intelligence units of Israel's security forces, giving BrainQ a significant competitive advantage in building cutting-edge solutions and industrial know-how. BrainQ's team and advisory board has a vast background in data science and machine learning as well as neurology and neuroscience.
In 2017, BrainQ was named as one of four companies in the world expected to transform healthcare with AI and is currently participating in Google's prestigious Launchpad Studio program in San Francisco. The Company's clinical findings were recently presented at the World Congress of Neurorehabilitation in February 2018.
About BrainQ Technologies:
Incorporated in 2011, BrainQ is an Israeli-based digital therapeutics company that is developing a breakthrough AI powered, technology which enables non-invasive treatment for a variety of neurodisorders. BrainQ's solution helps these patients get back on their feet and restore their ability to perform activities of daily living. BrainQ has secured its patents in major global markets and is conducting clinical trials in multiple world leading centres. For more information: http://brainqtech.com/.
For Press materials: http://blog.ourcrowd.com/BRAINQPR
Press contact : OurCrowd: Leah Stern, Dir. Of Communications / UK: +44-747-0196826 / US: +1-703-626-4310 / E: [email protected]