Israeli startup nabs $28M Series C to back brain function tracking tech

BNA system--Courtesy of Elminda

Elminda has raised a $28 million Series C round to back its Brain Network Activation (BNA) system that uses an electroencephalogram (EEG) in conjunction with evoked response potentials (ERP) to measure brain activity over time. The device was cleared by the FDA last year, but only for a very narrow indication: patients 14 to 24 years of age with the auditory oddball task, which is one specific hearing-related brain test.

The BNA system is used to analyze EEG-ERP data in regard to the established brain characteristics of amplitude and latency. It uses a set of algorithms developed via machine learning to apply signal processing and pattern recognition to visually represent neural pathway function. The financing is intended to continue to advance this system, as well as to facilitate its commercial adoption.

"As an investor who has followed the advancements of the company for several years, we look forward to supporting ElMindA as it further unlocks the potential of BNA to be the preeminent market leader by offering an objective platform for brain function assessment and management of brain disorders," Robert Kraft of the Kraft Group said in a statement.

The Kraft Group is part of the syndicate for this investment, as are the Shanda Group, Wexford Capital, WR Hambrecht & Co, Palisade Capital Management, OurCrowd, Healthcrest AG and others that remained undisclosed.

Ultimately, the BNA system is expected to prove useful in tracking major neurological and psychological disorders--such as Alzheimer's disease, Parkinson's disease, depression and ADHD--as well as traumatic brain injuries like concussion. It's expected to enable brain disorder tracking and diagnostics in the context of big data from populations.

"BNA's exploration of brain function has already affected the lives of young people and their physicians in the U.S. seeking additional guidance for critical brain health decisions," added Bill Hambrecht. "It has the potential to be of value to each and every one of us in our lifetime."

Elminda was founded in 2006 by Amir Geva, who remains as its CTO. He is a professor at Ben-Gurion University and head of its Biomedical Signal Processing & Pattern Recognition Laboratory.

- here is the announcement