Belfast-based Cumulus raises €6.9m for its ‘Fitbit for the brain’ (The Irish Times):
… Formerly known as BrainWaveBank, the company has developed a wireless electroencephalogram (EEG) headset and proprietary software platform that use advanced analytics and machine learning to measure cognitive fitness.
“This funding will allow us to build on the ground-breaking advances we have made in remote, frequent monitoring of brain activity and cognitive function in the home, in partnership with leading developers of digital biomarkers,” said Mr Cunningham, the company’s chief executive.
“We believe our integrated next generation platform can improve the execution of clinical trials by yielding significant time and cost savings, adding meaningful value to the next generation of (CNS) therapies,” he added.
The investment was led by the Dementia Discovery Fund, a £250 million specialist venture capital fund investing in, and creating, biotech companies pursuing transformational therapeutic approaches for dementias including Alzheimer’s disease. LifeArc, a self-funded medical research charity also participated as did the UK Future Fund.
Cumulus Neuroscience Announces £6 million Funding Round Led by the Dementia Discovery Fund and joined by LifeArc and UK Future Fund (press release):
Cumulus Neuroscience … announces a £6m financing round led by the Dementia Discovery Fund (DDF) joined by LifeArc, a medical research charity, and the UK Future Fund … Cumulus Neuroscience’s integrated solution is a state-of-the-art platform capable of:
- capturing frequent, longitudinal measurements of brain activity synchronously with a comprehensive range of functional and symptomatic domains outside of the clinic, and
- providing unparalleled insights, powered by AI techniques, to support clinical trial decision making and execution
Ruth McKernan DDF venture partner and co-founder said: “Clinical trials in dementia are difficult and the results have been largely disappointing, partly due to the limitations of clinical trial methodology. My colleagues in the DDF and a group of Pharma companies and I have spent over a year working together on how to measure disease progression and the effects of drugs better. The result is Cumulus Neuroscience, and we look forward to seeing how this enabling platform technology can be used in dementia clinical studies in the coming years, including those being run by DDF portfolio companies. If the platform is successful, then patients will benefit from better drugs sooner.”