On November 8th, Neurophet announced that it has successfully raised $16 million in a round of Series B funding from 7 domestic inventors. SBI Investment Korea, Kolon Investment, The Wells Investment, ES Investor, Future play, Profit Asset Management, and J Curve Investment participated in this Series B funding.
The company raised $7.6 million in 2020 via the Series A round and additional $16 million in this Series B one. In particular, the institutional investors that had participated in Series A invested additional $11 million in Series B.
After the Series A in 2020, the business area was expanded to the field of diagnosis of neurodegenerative disorders by obtaining domestic and European approval for the device 'NEUROPHET AQUA', a diagnosis assistant solution for degenerative brain disorders, and by supplying it to a number of medical institutions.
This Series B may enable Neurophet to expand partnerships with global companies and prepare for global clinical trials to standardize dementia diagnosis using its proprietary AI-based assistant software, 'NEUROPHET AQUA'.
This year, the company signed an MOU for product development and business cooperation with global companies such as Medtronic and B Broun. It plans to work with more pharmaceutical and medical device companies.
The company will expand clinical trials of the brain stimulation software ‘NEUROPHET tES LAB’ to develop innovative technologies that can range from diagnosis to treatment.
“We will do our best to become a company that continues to grow by using this investment efficiently to develop leading technologies in the field of neuroscience, secure an overwhelming market share, and enter the global market.” said CEO Joon-gil Bin.
Headquartered in Seoul, Neurophet aims to overcome neurological diseases through developing AI-based medical solutions world-wide.