ElMindA, a neuroscience-based technology startup has announced it raising $28 million in Series C round of funding. The investors in this round include the Kraft Group, Shanda Group, Wexford Capital, WR Hambrecht & Co, Palisade Capital Management, OurCrowd, Healthcrest AG and others.
Founded in 2006, the Israeli startup ElMindA translates state-of-the-art neuroscience through advanced algorithmic science into clinically meaningful Brain Network Activation (BNA) maps. The company uses machine learning to spot patterns in neural network activity during specific brain functions. BNA has the potential to impact an estimated two billion people globally living with disorders like Alzheimer’s disease, Parkinson’s disease, depression and ADHD etc., Looking at its work and contributions, the company was recognized on Fast Company’s 2015 list of the World’s Most Innovative Companies and was named a 2015 World Economic Forum Technology Pioneer.
“We are thrilled to have attracted such a strong group of new and existing investors,” said Ronen Gadot, chief executive officer of ElMindA. “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. 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.”
With the fresh funds, ElMindA plans to commercialize the test and promote its use in the clinics following the clearance. The company’s Brain Network Activation system, which uses cognitive electrophysiology to track users’ brain activity, received Food and Drug Administration clearance and a CE Mark in 2014.
“As an investor who has followed the advancements of the company for several years, we look forward to supporting ElMindA as it further unlocks the potential of BNA to be the preeminent market leader by offering an objective platform for brain function assessment and management of brain disorders,” said Robert Kraft of the Kraft Group.
“ElMindA has developed a truly disruptive technology that addresses a crucial unmet need,” said Tianqiao Chen of Shanda Group. “We’re excited to help develop and promote such a unique technology that can potentially catalyze new treatment options for those affected by brain dysfunction.”