NovaSignal Corp, a medical technology and data company specialising in the assessment and management of brain health, has closed a USD37 million Series C1 funding round.
The company will use the capital to support NovaSignal’s continued commercial expansion, consistent delivery of product innovation, and new clinical trials to increase indications within and beyond stroke. The funding round was led by Alpha Edison and Reimagined Ventures.
“Cerebral blood flow is a critical indicator of overall health, but it can be difficult to accurately assess. By applying robotics and artificial intelligence to ultrasound, NovaSignal uniquely captures cerebral haemodynamics in real time, enabling better and faster clinical decisions. The Series C1 funding is a strong endorsement of our technology and mission,” says Robert Hamilton, co-founder and Chief Scientific Officer of NovaSignal.
Over the last twelve months, NovaSignal delivered significant advancements to the healthcare industry. Launched in April, the fully autonomous and cloud connected NovaSignal Platform is transforming stroke programs across the country by reducing the complexity of performing crucial cerebral assessments. The company also broadened its commercial footprint beyond the US and Europe with a Health Canada license approval.
“We have witnessed NovaSignal’s robust growth and laser focus on harnessing blood flow data to improve patient outcomes. We are excited to once again back NovaSignal and believe that its innovative approach has the potential to revolutionise patient care across a variety of disease areas,” says Nick Grouf, Managing Partner at Alpha Edison.
“The transformative power of NovaSignal’s technology is clear. As a physician, I understand the importance of increasing access to safe and effective diagnostics for stroke. We look forward to NovaSignal’s continued momentum in delivering their platform into stroke programs across the US, Europe, and Canada,” says Dr Ted Koutouzis, Managing Director at Reimagined Ventures.
“The healthcare industry recognises the need for faster and more accurate stroke diagnosis. Stroke is an interruption of blood flow to the brain. The NovaSignal Platform autonomously captures and analyses cerebral blood flow data through the application of robotics, AI, and cloud computing. It is the only solution capable of democratising cerebral blood flow assessment. The NovaSignal Platform will improve the standard of care for stroke patients, and we are determined to drive availability to the millions of people in the US that suffer from neurological conditions every year,” says Diane Bryant, Chair and CEO of NovaSignal.
