Neurovalens has completed a £6 million funding round to accelerate commercial expansion of its FDA-approved medical devices targeting insomnia and anxiety disorders. The Belfast-based neurotechnology company secured backing from the Investment Fund for Northern Ireland alongside several existing and new investors.
Investment Details and Participants
The Investment Fund for Northern Ireland led the round with a £1.5 million equity investment, managed through Clarendon Fund Managers. Whiterock‘s Growth Capital Fund contributed £780,000, while established backers IQ Capital, Innovation Ulster Ltd, and the Angel Co-Fund provided follow-on support. The financing package also includes a £1 million loan from IFNI’s debt fund.
This latest capital injection brings the company’s total fundraising to approximately £20 million from UK-based investors since inception.
FDA-Cleared Product Portfolio
The medical device manufacturer has obtained regulatory clearance from the US Food and Drug Administration for two neurostimulation products. The Modius Sleep device addresses insomnia treatment, while the Modius Calm device manages anxiety symptoms. Both products utilize non-invasive neurostimulation technology and are currently available for purchase in American markets through healthcare professional prescriptions.
The company specializes in developing neuroscience-based solutions for various health conditions, including post-traumatic stress disorder beyond its current FDA-approved applications.
Commercial Expansion Strategy
Chief Executive Dr Jason McKeown outlined the funding’s strategic applications, stating: “This funding will enable us to significantly scale sales of our current medical devices, and also to extend our product portfolio through additional FDA approvals.”
The investment will support three primary objectives: expanding commercial operations across US and international healthcare markets, advancing regulatory pipeline development, and accelerating sales of existing FDA-cleared devices.
Northern Ireland’s MedTech Sector
The Investment Fund for Northern Ireland represents a £70 million initiative launched by The British Business Bank to address regional funding gaps. The program offers various commercial financing options including debt and equity investments for businesses across different growth stages.
Brian Cummings, Investment Director at Clarendon Fund Managers, emphasized the company’s achievements “The company has achieved some very significant milestones over the past few years including medical device clearance from the FDA for the treatment of some serious health conditions.”
Sue Barnard from British Business Bank highlighted Northern Ireland’s medical technology strengths, noting “Northern Ireland has a strong medtech sector which interconnects well with the life and health sciences.”
Technology Applications
The neurostimulation approach offers an alternative treatment pathway for conditions traditionally managed through pharmaceutical interventions. The company’s devices target neurological pathways associated with sleep disorders and anxiety management without requiring invasive procedures.
Healthcare professionals in the United States are already prescribing both devices to patients, indicating market acceptance of the technology platform. The non-invasive nature of the treatment modalities addresses growing demand for alternative therapeutic approaches.
Future Development Plans
Beyond current FDA approvals, the company aims to expand its regulatory pipeline for additional medical applications. The funding will support clinical development activities required for new device clearances and market authorization processes.
International market expansion represents another growth avenue, with the company planning to leverage its FDA clearances as a foundation for regulatory submissions in other jurisdictions. The established investor base includes organizations with experience supporting medical device companies through global expansion phases.