The braintech company ElMindA announced an oversubscribed $28 million Series C round on Monday from a host of new investors. The round included the Kraft Group, Shanda Group, Wexford Capital, WR Hambrecht & Co, Palisade Capital Management, OurCrowd, Healthcrest AG, and others according to a press release.
The funds will be put toward marketing its Brain Network Activation system (BNA), which received FDA and CE Mark approval in 2014.
ElMindA uses machine learning to identify patterns in neural network activity during specific brain functions. Their BNA solution 3D-renders neural data into a visual map of brain activity. This way, the data is more accessible and easier to obtain. The solution is designed to be used bedside by patients, letting doctors get frequent updates via a secure linkup. Some doctors are already using it to monitor brain recovery from trauma.
“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,” CEO Ronen Gadot said in a statement. “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.”
The brain monitoring market is expected to grow immensely over the next few years, at a compound annual growth rate (CAGR) of 8.68% through 2019 according to new estimates by Technavio.
A rising Israeli startup
The company was named one of the world’s 50 most innovative startups by the World Economic Forum in 2015 and made Fast Company’s list of most innovative companies in the world as well. Gadot was recently announced as a mentor at the new Brainnovations braintech accelerator holding sessions at Campus Tel Aviv.
ElMindA was founded in 2006 by Professor Amir Geva and maintains offices in Herzliya, Israel and Glenview, Illinois just outside Chicago. BNA is available to health care providers in Chicago, Minneapolis, Phoenix, Ann Arbor, Hartford, Los Angeles, Philadelphia, and Palm Beach.