Israeli startup BrainsGate, which develops a treatment for ischemic stroke and other Central Nervous System (CNS) diseases, announced a $14 million funding round. The investment was led by BNP and Spero, with Cipio, Pitango, Medtronic, and Agate also getting in on the round. The company’s valuation was totaled at $147 million before the round, and the current funding will go towards accelerating production, receiving coverage from the U.S. government, and advancing operations until the coveted FDA clearance.
Stimulates blood flow during critical moments
BrainsGate aims to provide a potential life-saving treatment for ischemic stroke sufferers that is crucial to preform in the first 24 hours since the occurrence of the stroke. The individual suffering a stroke is put through a 5 minute process where an implant is injected into the body, which stimulates blood flow to the brain. According to the company, this effective treatment leads to improvement in a stroke patient’s condition.
Despite the global pandemic, 2020 has been quite a positive year for the Israeli MedTech startup. BrainsGate was successful in securing the European CE mark of approval, while also filing for both FDA and PMA clearances in February 2020. BrainsGate CEO Avinoam Dayan responded regarding the funding round by saying: “BrainsGate provides hope to millions of patients suffering from the limitation of existing treatments for strokes. We thank our investors for their support in this round. We plan on using the resources to achieve PMA clearance, prepare the company for commercialization of our technology, and to continue on our journey of improving stroke patients’ outcome.”
BrainsGate was founded in 2000 by CEO Avinoam Dayan, CFO Noam Levi, and VP Operations Omer Ron. Based on Pitchbook reports, the company has raised almost $100 million, and employs a team of 15 in its Israel-based offices.
SixAI raises $5M
SixAI, the Israeli startup led by Ran Poliakine the founder of newly publicly traded MedTech superstar Nanox, has announced a $5 million Series A round, led by SIBF and private investors. The startup has two subsidiaries that focus on developing autonomous systems for production line quality assurance. In addition, the Japanese-Israeli venture also develops autonomous robot navigation and management systems for industrial purposes and logistics warehouses. The company claims to be the world firs ‘robot employment agency’. To date. SixAI has raised $17.5 million.