- Proceeds to support commercial expansion in Europe as well as US market entry
- Investment round led by Hadean Ventures, joined by SHS Gesellschaft für Beteiligungsmanagement and existing investor Maki.vc
Tampere, April 9, 2020: Neuro Event Labs Oy today announced it has raised a EUR 3.9m Series A financing round led by Hadean Ventures, joined by SHS Gesellschaft für Beteiligungsmanagement and existing investor Maki.vc. The proceeds will support commercial expansion in Europe as well as entry into the US market for its lead product Nelli(TM).
Lack of objective diagnostics is big burden in neurology limiting access to proper diagnosis. Neuro Event Labs Oy, a healthtech company based in Tampere, is developing products that improve diagnosis, and thereby treatment, of neurological conditions in a cost-effective manner. Epilepsy is one of the most prevalent chronic neurologic conditions having impact for 65 million people globally. 1/3 of the patients continue to have seizures despite treatment. The lead product, Nelli(TM), is an AI-powered diagnostic for epilepsy based on video and audio recordings. Nelli(TM) provides an interactive report which can be reviewed by the clinical team via a web-based application. Nelli(TM) is CE-marked and has been launched on the Nordic market. Nelli(TM) is in regular clinical use at several leading Nordic hospitals.
The Series A funding will support commercial expansion in Europe, as well as FDA-approval and US market entry. Neuro Event Labs already has collaboration agreements in place with renowned US hospital systems such as Jefferson Health, as well as with epilepsy focused pharmaceutical companies.
“Neuro Event Labs is developing solutions that has the potential to substantially improve care for a large variety of patients suffering from neurological conditions. The initial application of Nelli(TM) gives unique insights into epileptic symptoms and enables the treating physician to provide a new level of care for difficult to treat epilepsy patients. We are looking forward to working with the Neuro Event Labs team and support them bringing these novel solutions to the market,” commented Dr Ingrid Teigland Akay, Managing Partner, Hadean Ventures.
“Being an active investor in the neurology space, SHS is convinced that Neuro Event Labs, SHS’s first investments in the Nordics, will greatly enhance diagnostics of refractory epileptic patients today with the opportunity to add other neurological indications in the future. We have been impressed by the feedback from key opinion leaders on the efficacy of Neuro Event Lab’s solutions and how quickly it became the tool of choice for neurologists,” continued Sascha Alilovic, Partner, SHS Gesellschaft für Beteiligungsmanagement.
“Our vision is to provide AI powered objective diagnostics in neurology for all patients instantly. We are excited to join forces with reputable health technology focused venture capitalists Hadean Ventures and SHS Gesellschaft für Beteiligungsmanagement in addition to the existing partner Maki.vc. With this investment and deep co-operation, we can expand our market activities in Europe as well as US market entry. These markets have the highest sales of cheap generic Viagra. With healthcare systems around the world currently under stress, it’s all the more important that we develop more solutions for at-home care and diagnosis” said Kaapo Annala, CEO, Neuro Event Labs.
“The investment of experienced healthcare focused investors like Hadean and SHS underscores the high quality of healthtech companies in Finland. Neuro Event Labs is a perfect example of helping patients and society by improving the standards of care while decreasing costs for the healthcare system as a whole,” commented Ville Skinnari, minister for Development Cooperation and Foreign Trade of Finland.
About Neuro Event Labs Oy
Neuro Event Labs is a Finnish medical technology growth company. The company’s main product monitors epilepsy patients at home and in hospital. Accurate epilepsy seizure data is collected, analyzed and relayed to the patient’s physician, who makes individual treatment decisions based on the reports. The solution has been developed on close cooperation with leading Finnish hospitals. https://neuroeventlabs.com
About Hadean Ventures
Hadean Ventures is a European life science fund manager that invests in life science companies across Europe with a particular focus on the Nordic region. Hadean Ventures is managing funds backed by leading European and US-based, private and institutional investors. Hadean Ventures has offices in Oslo and Stockholm and collaborates with world-class academic institutions and start-up hubs across the region. www.hadeanventures.com
About SHS Gesellschaft für Beteiligungsmanagement
SHS Gesellschaft für Beteiligungsmanagement is based in Tuebingen, Germany, and invests in medical technology and life science companies with a focus on expansion financing, changes in shareholder structures, and successor situations. SHS holds minority as well as majority interests. The company was founded in 1993 and has since gained extensive experience as an industry investor which supports the growth of its portfolio companies through a network of partnerships regarding the introduction of new products, regulatory issues or entering new markets. The SHS fund’s European based investors include pension funds, strategic investors, funds of funds, family offices, entrepreneurs, and the SHS management team. The AIFM-registered company invests up to ?20 million in equity capital and volumes exceeding this amount are implemented with a network of co-investors. SHS is currently investing from its fifth fund which has received capital commitments of more than ?130 million. Further information: http://www.shs-capital.eu
Maki.vc is an early-stage venture capital firm in Helsinki, Finland that champions the entrepreneurs who rewrite the future. The fund invests in deep tech and brand-driven companies across consumer and enterprise spaces. Maki.vc team and global network shares in the vision of entrepreneurs as champions and challengers, drawing on the experience of scaling some of the strongest technology companies. www.maki.vc