BLOOMINGTON, MN, Startup developing technology to monitor and treat epilepsy, has closed on a $1.2 million round of funding.
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FundRx Inc., an early stage healthcare venture capital firm, today announced that it has invested in NeuroOne Inc., a next generation, platform technology company focused on developing advanced neuromonitoring and neuromodulating products. FundRx participated in a $1.2 million seed round which will be used to accelerate NeuroOne's lead product, a neurodiagnostic solution for the treatment of epilepsy. NeuroOne's core technology was developed in partnership with the Mayo Clinic and the University of Wisconsin.
"NeuroOne's technology platform will add significant value both for payors and patients specifically in the way we manage treatments for epilepsy, Parkinson's disease, and other neurological disorders. This is an example where innovation in other fields, such as semiconductors, have a direct impact on improving healthcare once the human science catches up," said Zeshan Muhammedi, CEO at FundRx.
FundRx's network of neurologists, neurosurgeons and diagnostic experts evaluated NeuroOne through its Peer Review Council process. This Council is an integral part of the FundRx diligence process as it helps evaluate a company's core scientific merits directly by a large pool of clinical experts while verifying the true business market with industry members.
"Most investors are strictly capital providers. FundRx is different. Not only did they help us secure the capital we need to further develop our lead product, they introduced us to key physicians who helped validate our technology and delivered us valuable market research which we have incorporated into our business strategy and plan for NeuroOne. FundRx has been a true partner and we are honored to be working with them as we enter this next stage of growth," said Dave Rosa, CEO of NeuroOne.
Muhammedi continued, "In just a short period of time, we have been approached by numerous experts on our platform seeking to work with the NeuroOne team. This further validates the potential of NeuroOne's technology and its impact on the neurology industry."
FundRx's mission is to accelerate the development of early stage healthcare companies. The firm has built a technology enabled platform which enables companies to access capital but also the diligence, resources, and connections they need to build and grow their businesses. FundRx's platform consists of 2,600 physicians, scientists, and industry experts from some of the world's leading institutions including Harvard University, Mt. Sinai Hospital, Stanford University and Tufts University.
To date, FundRx has funded 11 healthcare start-ups including EpiBone, a revolutionary bone reconstruction company; Saferide, an on-demand non-emergency transportation company; Soundbite Medical Solutions, a cardiovascular medical technology company developing a proprietary shockwave technology to address significant unmet clinical needs in interventional cardiology; and SnapMD, a cloud-based virtual care management telemedicine company. FundRx was founded in 2015 by Zeshan Muhammedi, Gurdane Bhutani and Justin Martin.
NeuroOne's mission is to provide comprehensive neuromodulation cEEG monitoring and treatment solutions for patients suffering from epilepsy and other nerve related disorders that result in superior patient outcomes with reduced overall costs. The company is headquartered in Minnetonka, Minnesota and is currently pursuing a near-term FDA approval for its lead product through the 510(k) submission process. For more information visit, http://www.neurooneinc.com.
Founded in 2015 and based in New York, FundRx is an early stage healthcare venture capital firm. The firm seeks to fund, support and build high impact start-up companies pursuing novel research and new models of care. FundRx works closely with physicians, scientists, and industry partners to ensure quality companies receive the resources they need to move their innovations from the lab to the clinic. More information is available at http://www.fundrx.com.