Belfast based health tech company Neurovalens, a global leader of neuro-technology products, is embarking on the development of a ground-breaking medical device for the treatment of obesity.
The company specialises in combining neuroscience and technology to tackle global health challenges such as obesity, diabetes and sleep disorders. The investment in research and development will be accompanied by the creation of 22 jobs to support business-wide growth.
The new device builds upon the success of their pioneering weight loss device, Modius. The technology is based on the neuro stimulation of specific areas of the brain responsible for influencing appetite and cravings.
Invest NI has supported the company from an early stage and it is fantastic to see it growing and establishing itself as a leader in its field. The new jobs created by this investment will bring the company’s staff complement to 36.Dr Vicky Kell, Director of Innovation, Research and Development, Invest NI
Invest Northern Ireland is supporting the R&D project and new jobs with an offer of over £1million of support.
The new medical device will be a regulatory approved medical product. The R&D grant will enable the company to undertake pivotal clinical trials, in collaboration with Ulster University and University of California San Diego, to prove the effectiveness of the technology as a treatment for obesity.
Dr Jason McKeown, Co-founder and CEO of Neurovalens, who was also recently awarded the Helen Ramsey Turtle Scholarship at QUB said: “This is an exciting time for the company as we begin development of our second device, which will help tackle the problem of obesity. We are also growing our team across a range of disciplines from senior management to technical and marketing, to enable us to effectively develop, market, sell and support both the new medical device and Modius.
“Invest NI has been a great source of support to us since we set up the company in 2013. We benefitted from taking part in the Propel programme, and received R&D grant support to develop our Modius product. This latest offer of assistance is allowing us to capitalise on the success of Modius and will help us achieve our growth targets, generating significant new export sales.”
This latest offer of assistance is allowing us to capitalise on the success of Modius and will help us achieve our growth targets, generating significant new export sales.Dr Jason McKeown, Co-founder and CEO, Neurovalens
Neurovalens recently secured £4.6 million in equity funding from a number of investors including Invest NI’s TechstartNI, which is part of the agency’s Access to Finance initiative.
Invest NI’s Director of Innovation, Research and Development, Dr Vicky Kell, said: “Neurovalens has developed innovative, disruptive technology that has huge market potential given the global epidemic of obesity and associated health complications.
“Invest NI has supported the company from an early stage and it is fantastic to see it growing and establishing itself as a leader in its field. The new jobs created by this investment will bring the company’s staff complement to 36.
“Neurovalens’ Modius device, which non-invasively stimulates the brain to reduce appetite and cravings, is revolutionising the weight loss industry and has already helped thousands of people to lose weight.
“The company is a great example of how a partnership approach with Invest NI can deliver a commercial success story for Northern Ireland.”
TechstartNI and Invest NI’s R&D support are part financed by the European Regional Development Fund under the EU Investment for Growth and Jobs Programme 2014–2020.