Irish medtech company raises €8m to expand
Neuromod Devices, a company focused on non-invasive technology to tackle the problem of perceived noise or ringing in the ears, has raised €8m.
The capital is made up of both equity investment and venture debt.
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Funding will be used to accelerate commercialisation of its Lenire tinnitus treatment device in Europe, increase manufacturing, and to advance its regulatory strategy in the United States.
Financing was led by existing investors Fountain Healthcare Partners and Moffett Investment, with venture debt provided by new investors Kreos Capital and Silicon Valley Bank.
Neuromod, which employs 25 staff, recently opened a centre of excellence specialising in neuromodulation and tinnitus at the Hermitage Medical Clinic in Dublin. The first facility to offer treatment with Lenire outside of Ireland will be in Germany, and will open before the end of the year.
Additional locations in Europe have been identified and will become operational during the course of 2020, with the main focus on German-speaking countries and the Benelux.
Founded in 2010, Neuromod has to date raised €18m. The company, which is a spin-out from Maynooth University, has started generating early revenues. It expects both turnover and employee numbers to grow as it expands.
Dr Ross O'Neill, CEO of Neuromod, said: "This investment will allow us to ramp up the manufacturing of our Lenire tinnitus treatment product. We will also build on European commercialisation through a regulatory submission to the FDA to make way for a launch in the United States."