Healthtech start-up BrainWaveBank clinches £1m
Belfast-based dementia detecting firm will use finance to build out its neuroscience platform and invest in affordable technology
BrainWaveBank, a brain health technology (healthtech) start-up, has raised £1m in funding from the Angel CoFund, techstart NI, Innovate UK and Invest Northern Ireland.
Founded in 2015, Belfast-based BrainWaveBank is developing technologies for the early detection of dementia. Combining a wearable device and a smartphone or tablet, users play games that challenge different cognitive skills, while recordings of their brain activity are taken.
This detects the earliest signs of cognitive decline and can offer advice on how to make lifestyle changes that encourage healthy aging of the brain.
The company hopes its technology will benefit medical and pharmaceutical researchers and help combat the problem of sports-related concussion leading to brain disorders in contact sports.
This funding will allow BrainWaveBank to invest heavily in its technology, building out its neuroscience platform and developing affordable software for mass consumer markets.
Ronan Cunningham, CEO and co-founder of BrainWaveBank, said: “We founded BrainWaveBank with the goal of transforming the early detection and treatment of devastating cognitive illnesses such as dementia. We are very excited to be supported in achieving this vision by such a strong team of leading technology investors and innovation agencies.”
Tim Mills, investment director at the Angel CoFund, commented: “Considerable progress has been made in recent years around the awareness and treatment of issues with cognitive health – but it’s clear that the human brain is still the least understood part of the human body.
“We’re backing BrainWaveBank because we believe they have a huge opportunity to advance the fight against dementia and better manage the treatment of impact related concussion, and we’re proud to be part of their journey.”