CHICAGO--(BUSINESS WIRE)--ElMindA Ltd., a pioneer in neuroscience-based technology for analyzing brain network functionality, today announced the successful completion of an oversubscribed $28 million Series C financing round. The global syndicate of investors in this round includes Shanda Group, New England Patriots owner – The Kraft Group, Wexford Capital, WR Hambrecht & Co, Palisade Capital Management, OurCrowd and Healthcrest AG and others. Proceeds will be used to continue advancement of ElMindA’s proprietary BNA™ (Brain Network Activation) system, which uses multi-channel EEG-ERP electrophysiology technology to provide a more accurate, objective assessment of brain functionality over time. ElMindA will also use the funds for commercial and clinical adoption following BNA’s 2014 FDA clearance in the U.S., and CE Mark approval in Europe for brain function assessment.
“We are thrilled to have attracted such a strong group of new and existing investors,” said Ronen Gadot, chief executive officer of ElMindA. “This support is a testament to the vast potential of BNA technology to advance our understanding of how the brain works, and to positively impact people’s lives. We plan to bring BNA to the forefront as a significant resource to monitor and manage the health of your brain throughout the course of your life.”
“As an investor who has followed the advancements of the company for several years, we look forward to supporting ElMindA as it further unlocks the potential of BNA to be the preeminent market leader by offering an objective platform for brain function assessment and management of brain disorders,” said Robert Kraft of the Kraft Group.
BNA is a non-invasive technology for measuring and analyzing brain function. It uses advanced signal processing and machine-learning algorithms of big populations' data in order to identify patterns of neuronal networks activated during a specific brain function, such as memory or attention. The information can then be utilized for personalized clinical decision making. It has the potential to impact an estimated two billion people worldwide living with neurological and psychiatric disorders, such as Alzheimer’s disease, Parkinson’s disease, depression, and ADHD, as well as those who have sustained traumatic brain injuries, like concussion. BNA is responsive to the BRAIN Initiative announced by the White House, which focuses on revolutionizing our understanding of human brain function through the development and application of innovative technologies.
“ElMindA has developed a truly disruptive technology that addresses a crucial unmet need,” said Tianqiao Chen of Shanda Group. “We’re excited to help develop and promote such a unique technology that can potentially catalyze new treatment options for those affected by brain dysfunction.”
“BNA’s exploration of brain function has already affected the lives of young people and their physicians in the U.S. seeking additional guidance for critical brain health decisions,” said Bill Hambrecht of WR Hambrecht & Co. “It has the potential to be of value to each and every one of us in our lifetime.”
BNA is currently available to healthcare providers at 15 locations in eight U.S. cities, including Chicago, Los Angeles, Philadelphia, Minneapolis, Phoenix, Ann Arbor, Hartford, and Palm Beach.
BNA™ is a breakthrough technology to monitor and manage the health of your brain throughout the course of your life. It combines non-invasive, multi-channel EEG technology with sophisticated signal processing and analysis algorithms to measure patterns of brain networks activated during specific brain processes to deliver meaningful insights into brain functionality. In addition to concussion, use of BNA is being explored as a tool for physicians to monitor change in brain networks to help identify disease onset and assess treatment efficacy for a broad range of previously elusive conditions such as depression, pain, or memory loss. The BNA Analysis System is to be used by qualified medical professionals for the post-hoc analysis of the human Electroencephalogram (EEG), utilizing evoked response potentials (ERP). The device is indicated in the U.S. for use in individuals 14 to 24 years of age with the Auditory Oddball task only. For more information about BNA visit, www.ElMindA.com.
About ElMindA Ltd.
ElMindA was founded in 2006 by Professor Amir Geva to address an unmet need to objectively assess brain health and brain-related disorders in order to enhance diagnosis and treatment across a full spectrum of neurological and psychological disorders. ElMindA translates state-of-the-art neuroscience via advanced algorithmic science into clinically meaningful Brain Network Activation (BNA™) maps. ElMindA is a preferred partner of industry-leading organizations based on the rigor of its science and technology development. ElMindA was recognized on Fast Company’s 2015 list of the World’s Most Innovative Companies, and was named a 2015 World Economic Forum Technology Pioneer.