NeuroServo (instant EEG for ICU and ER) announces closing of $2.2M funding round
NeuroServo Inc., announced today the closing of a round of $2.2 million CAD that will be used to finance the commercialization of its medical innovation, an instant-use and and miniaturized EEG (electroencephalogram) device for intensive care, operating rooms and emergencies.
MONTREAL, June 20, 2023 /PRNewswire-PRWeb/ -- NeuroServo Inc., announced today the closing of a round of $2.2 million CAD that will be used to finance the commercialization of its medical innovation, an instant-use and miniaturized EEG (electroencephalogram) device for intensive care, operating rooms and emergencies.
This seed round was conducted jointly by Desjardins Capital (the company's partner for many years), Investissement Québec (as a representative of the Government of Québec through the program Impulsion PME), CABHI (Centre for Aging + Brain Health Innovation), as well as private investors. This round of financing will allow NeuroServo to accelerate its growth and expand beyond Canada.
NeuroServo, a Montréal startup, has developed VEEGix, an innovative medical device allowing instant analysis of prefrontal brain waves, in order to complete the clinical portrait of patients with objective neurological data, in particular during suspected seizures, non-convulsive brain electrical storms, or to monitor patients level of anesthesia. The equipment was homologated by Health Canada as a Cerebral Function Monitoring (CFM) in September 2021. It is currently used by a dozen intensive care units.
NeuroServo was the recipient of the 2021 Innovator in Residence program aimed at improving and validating health innovations. In 2022, NeuroServo entered into a collaboration agreement with Mayo Clinic.
NeuroServo has received support from CTS, CHUM, TransMedTech, CENTECH, OVHCloud, PME MTL, CQIB, 3D Experience Lab, Prompt, C2MI, as well as the Fonds de Recherche du Québec – Santé (FRQS).
QUOTES:
- "We are delighted and proud of the support of our partners in the service of medical innovation designed and manufactured in Quebec. We will now accelerate both the commercialization phase both in Canada and abroad, as well as the development of our predictive algorithms for brain pathologies," declared Nicolas Tremblay and Jérôme Arnaud, respectively CEO and COO, co-founders of NeuroServo.
- "As physicians, and especially in critical care, we always prefer action to reaction. This is the path for VEEGix : not only measuring but also detecting and predicting brain-damaging events » said Dr. François Marquis, Chief Medical Officer of NeuroServo and Chief of Intensive Care at Maisonneuve-Rosemont Hospital.
- "It is essential to facilitate access to investment capital by innovative start-ups with strong growth potential in Québec such as NeuroServo. Their medical innovation, based on a cutting-edge technology, represents a striking advance in the health field," Minister of Economy, Innovation and Energy, Minister Responsible for Regional Economic Development, and Minister Responsible for the Metropolis and the Montréal Region Pierre Fitzgibbon noted.
- "Through the Impulsion PME program, Investissement Québec is able to support promising young companies that help consolidate Québec's expertise in key sectors of our economy. NeuroServo is one such company and we are pleased to support them in this new phase of development that will enable them to commercialize the technology that they have developed," Guy LeBlanc, President and CEO of Investissement Québec.
- "CABHI is continually testing and scientifically validating dementia and brain health technologies. We are delighted to support Neuroservo, a promising company in improving the quality of life and care for older adults with dementia and cognitive health issue,." James Mayer, Senior Manager, Investments & Ventures Services at CABHI.
ABOUT DESJARDINS CAPITAL
Nearly 50 years strong, Desjardins Capital has a mission to value, support and nurture the best of Quebec entrepreneurship. With assets under management of C$2.9 billion as of June 30, 2022, Desjardins Capital helps contribute to the longevity of more than 750 companies, cooperatives and funds in various sectors from across Quebec. In addition to helping to maintain and create many thousands of jobs, this subsidiary of Desjardins Group. offers business owners access to a large business network and supports their business growth. For more information, visit our website.
ABOUT INVESTISSEMENT QUÉBEC
Investissement Québec's mission is to play an active role in Québec's economic development by spurring business innovation, entrepreneurship and business acquisitions, as well as growth in investment and exports. Operating in all the province's administrative regions, the Corporation supports the creation and growth of businesses of all sizes with investments and customized financial solutions. It also assists businesses by providing consulting services and other support measures, including technological assistance available from Investissement Québec – CRIQ. In addition, through Investissement Québec International, the Corporation also prospects for talent and foreign investment and assists businesses with export activities.
ABOUT IMPULSION PME
The Impulsion PME program, managed by Investissement Québec as an agent of the Government of Québec, aims to help young innovative companies with high growth potential to have access to start-up capital. This program was renewed in April 2023 with a new envelope of $120 million from the Stratégie Québécoise de recherche et d'investissement en innovation (SQRI2) 2022-2027 and the Stratégie Québécoise des sciences de la view (SQSV) 2022 -2025.
ABOUT CABHI
A solution accelerator for the aging and brain health sector, CABHI provides funding and support to innovators for the development, testing, and dissemination of new ideas and technologies that address unmet brain health and seniors' care needs. Established in 2015, it is the result of the largest investment in brain health and aging in Canadian history. CABHI is a unique collaboration of health care, science, industry, not-for-profit and government partners whose aim is to help improve quality of life for the world's aging population, allowing older adults to age safely in the setting of their choice while maintaining their cognitive, emotional, and physical well-being.
Media Contact
Jerome Arnaud, NeuroServo, 1 514.536.0250, jarnaud@neuroservo.com
SOURCE NeuroServo
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