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INBRAIN Neuroelectronics raises over €14M Series A led by Asabys Partners, Alta Life Sciences and CDTI to develop intelligent graphene-based neuroelectronic therapies for brain related disorders
Barcelona, March 26th, 2021
INBRAIN Neuroelectronics is a spin-off company from Graphene Flaship partners’ the Catalan Institute of Nanoscience and Nanotechnology (ICN2) and ICREA, established in 2019 in the intersection between Medtech, DeepTech and Digital Health. INBRAIN has the mission to decode brain signals into medical solutions by developing intelligent neuroelectronic therapies based on graphene technology for application in patients with Epilepsy, Parkinson’s and other brain related disorders.
In Europe alone, the cost of brain disorders is approximately 800 billion euros per year with more than 35% of the population affected. 25-35% of patients affected by neuronal diseases are refractory to the pharmacological treatment and are left without a useful therapeutic solution. Existing brain interfaces are metal-based with significant restrictions on miniaturization, signal resolution, and therefore responsible for considerable side effects. As a consequence, there is a 50% rejection rate in candidate patients. Neuroelectronic therapies represent an alternative to classical pharmacology with fewer side effects and a shorter and less expensive development time.
In June 2020 INBRAIN closed its first seed financing round upon inception led by Asabys Partners (through Sabadell-Asabys Health Innovation Investment) and also Alta Life Sciences, founders and private investors together with Institut Català de Finances (ICF), Finaves (IESE Business Scchool) and BStartup from Banco Sabadell. Today the company announces a €14.35M Series A, one of the biggest rounds in the Spanish medtech industry, co-led by Asabys Partners and Alta Life Sciences, joined by CDTI Innvierte (entity dependent of the Spanish Ministry of Science and Innovation) and two international investors, Vsquared Ventures, deep tech focused early stage VC based in Munich and TruVenturo GmbH, one of Germany’s most successful tech and life science company builders. The financing round also counts with the follow-on investment from ICF Venture Tech II, investment fund from the Institut Català de Finances.
INBRAIN is developing the least invasive and most intelligent neural system on the market that, driven by artificial intelligence and the use of Big Data, will have the ability to read and modulate brain activity, detect therapy-specific biomarkers and trigger adaptive responses to obtain optimal results in personalized neurological therapies.
This investment will allow the company to bring the technology for the first time to humans and to consolidate the safety of graphene as the potential new standard of care in neurotechnologies.
Carolina Aguilar, founder and CEO, said “Patients with chronic conditions are alone with their diseases, at most they see their physician 1-4 times per year for a follow up. With less invasive and more intelligent neuroelectronic therapies we aim to provide safer and real time adaptative therapies to empower them and improve the outcomes that matter to them. This way patients can better deal with their condition between follow up visits, by getting the right therapy and support when they need it.”
Jose Garrido, founder and CSO, added “This is a very exciting moment! Looking backwards, it has been a long journey from that very first glimpse of the potential that graphene could provide to the field of neural interfaces. Thanks to the continuous financial support of public research programmes such as the Graphene Flagship European project, the graphene technology has matured and is ready for the next challenge. This investment is an important stepping stone towards INBRAIN’s ambitious goal of transforming the way neurological disorders are treated.”
Josep Sanfeliu, managing partner at Asabys, and Chairman of the Board of Directors of INBRAIN mentioned ”This investment shows how an ecosystem with excellent applied science around graphene, international talent joining in Barcelona and specialized financial solid support, can develop a truly disruptive tecnological therapy to solve unmet medical needs replacing uneffective and existing pharmacological and non-pharmacological therapies for the benefit of patients.”
Scott Moonly, managing partner at Alta Life Sciences, stated “INBRAIN represents the revolution of current neurological treatments, adding huge value to the medical practice in an environment where there is a clear medical need, lowering the cost for healthcare systems, backed by an extraordinary team of professionals who have long time expertise in the industry.”
Herbert Mangesius, managing partner at VSquared Ventures, added “From the first meetings with the INBRAIN team we realized how exceptional and outstanding this company is. Our investments follow a deep belief in the power of innovation that occurs in Europe at the edges of multiple technical disciplines and is brought to life by diverse people with audacious dreams. At INBRAIN, we see how accomplished pioneers from science, engineering and business joined forces to bring graphene as the European material innovation to life and to work in order to benefit the health and quality of lives of millions of people.”
About Inbrain Neurolectronics
INBRAIN Neuroelectronics S.L. is a medical device company dedicated to the development and commercialization of graphene-based neural interfaces and intelligent neuromodulation systems. Founded in 2019, the company is a spin-off from the Catalan Institute of Nanoscience and Nanotechnology (ICN2) in Barcelona, with intellectual technological property as a result of the collaboration with the National Graphene Institute of the University of Manchester. INBRAIN is developing the least invasive and most intelligent neural interface on the market that will be able to read and modulate brain activity with very high resolution to obtain optimal results in personalized neurological therapies. For more information, please visit inbrain-neuroelectronics.com.
About Asabys Partners
Asabys Partners is a venture capital manager firm specialized in the healthcare sector, founded by Josep Ll. Sanfeliu and Clara Campàs and participated by Alantra. Its first investment vehicle, Sabadell Asabys Health Innovation Investments SCR, SA, was launched in 2019 and is backed by the Banc Sabadell as reference investor. The fund has a target size of more than €80M and invests in healthcare companies across three verticals: medtech, digital therapeutics and biotech, that have highly innovative and disruptive technologies. The fund’s investment in the company benefits from the financial backing of the European Union under the European Fund for Strategic Investments (“EFSI”) set up under the Investment Plan for Europe. The purpose of EFSI is to help support financing and implementing productive investments in the European Union and to ensure increased access to financing. www.asabys.com
About Alta Life Sciences
Alta Life Sciences Spain I FCR (ALSS I FCR) is a venture capital fund that invests in companies in all their stages of development: from financing through seed capital to business growth, and in all spheres of life sciences including biotechnology, medical devices, diagnosis, genomics and digital health. Altamar Private Equity SGIIC, a leading independent firm in the management of international private assets, is the managing company of ALSS I FCR and Alta Life Sciences, S.L., formed by leading professionals in the life sciences business, acting as an exclusive investment consultant. www.altals.com.
CDTI is the body from the General State Administration that supports knowledge-based innovation, advising and offering public aid for innovation through subsidies or partially reimbursable aids. CDTI also internationalizes the R&D and innovation business projects of Spanish companies and entities and manages Spanish participation in international R&D organizations, such as Horizonte2020 and Eureka, as well as in the Science and Space industries. Additionally, through the Innvierte Economía Sostenible initiative, it supports and facilitates the capitalization of technology companies. www.cdti.es
About VSquared Ventures
Vsquared Ventures is a VC firm based in Munich. Backed by leading European technology entrepreneurs and family offices, Vsquared Ventures embraces technology to advance society. Past founding investments include Isar Aerospace and IQM Quantum Computers among others. www.vsquared.vc
TruVenturo is one of the most successful early stage investors and company builders in Europe. For over a decade TruVenturo has been investing at the forefront of digitalization and life sciences, always focusing on identifying big future markets and disruptive business models. Therefore, the team is a strong believer in pharma to prevent age related disease and prolong healthy human lifespan as well as utilising neurostimulation technologies to create bi-directional Computer-Brain- Interfaces. TruVenturo’s current portfolio includes over 20 companies, among them several industry leaders and hidden champions. www.truventuro.com
About ICF Venture Tech II
ICF Venture Tech II FCRE is a €20M venture capital fund managed by ICF Capital SGEIC that invests in technology and innovative companies with high growth potential in early stage and Series A. It is one of the four venture capital funds directly managed by Institut Català de Finances. Investments are
mainly in equity or debt/convertible debt, preferably in co-investment with other funds. The ticket size is between €500,000 and €2M. www.icf.cat