INSIGHTS / Blog

SETsquared Bristol member Neuronostics has secured the vital investment to advance its innovative technology for diagnosing epilepsy.

Neuronostics is a multi-award-winning medical technology startup, spun out of the University of Exeter, with a mission to revolutionise how neurological conditions are diagnosed, treated, and monitored. Through mathematical modelling techniques, Neuronostics are pioneering the development of digital biomarkers, facilitating swifter diagnosis and more effective treatment outcomes for patients around the world.

Following the development of its epilepsy decision support tool, BioEP™, the company has developed the Neuronostics Platform, a scalable web-based solution that allows BioEP™ to be delivered to neurology centres globally. The Neuronostics Platform will serve as critical infrastructure as the company develops and deploys digital biomarkers in other disease areas.

Co-founders Professor John Terry and Dr Wessel Woldman joined SETsquared Bristol in February 2021 for support to commercialise their research. Neuronostics has also received a further £350K grant from Innovate UK through its Investor Partnerships programme to develop the BioEP™ platform.

However, this recent round has seen the company secure £2.1m in an oversubscribed seed funding round led by the Ascension Life Fund.

Co-Founders of Neuronostics, Professor John Terry and Dr Wessel Woldman commented: “Alongside the scientific and clinical traction we have gained these past two years, closing this round is a clear signal that our technology and business model is commercially sound and scalable in global markets.”

“We are excited to be working with several hospitals in the UK to pilot BioEP™, as well as to generate further clinical evidence of its health economic impact.”

In further good news for the company, SBRI Health have just announced a £100K contract to enable a feasibility study to be undertaken that explores the utility of BioEP™ for epilepsy diagnosis in paediatric cohorts.

The funding, along with backing from a syndicate of additional investors including QantX, the Cornwall and Isles of Scilly Investment Fund managed by The FSE Group and Empirical Ventures, will allow Neuronostics to accelerate its route to market in the UK and Middle East, while also begin seeking regulatory approval from the FDA for the US market.

Chris Wheatcroft, Investment Director at the Ascension Life Fund said: “We are delighted to have invested in Neuronostics, whose software as a medical device could revolutionise how neurological conditions are diagnosed and treated.”