Neural Analytics has raised approximately $22 million in a Series C round to support its Lucid robot-assisted brain ultrasound device.
The round was led by Alpha Edison and included the issuance of warrants to purchase stock in connection to the financing, the Los Angeles-based company said. With the additional funds, Neural Analytics has raised a total of approximately $66 million, the company said.
“We are honored to deepen our partnership with Neural Analytics. Over the past year, the company has gained both FDA and EU CE Mark clearance for their revolutionary platform, which harnesses machine learning and robotics to accurately and quickly identify critical neurological conditions,” says Alpha Edison managing partner Nick Grouf. “We are confident that the company will play a central role in shaping the future of data driven diagnostics and bringing new technologies to healthcare professionals to better care for their patients.”
The company’s Lucid robotic system combines the Lucid M1 transcranial doppler system with the NeuralBot platform, and serves as an autonomous all-in-one neurovascular ultrasound device designed to non-invasively search, measure and display objective brain blood flow information in real-time, Neural Analytics said.
Neural Analytics said that it recently launched the Codex study of an investigational iteration of the Lucid system aiming to explore the technical feasibility of the platform in a wider range of patients and neurological pathologies.
“Over the past six years we have worked very hard to develop and validate new technologies into impactful products,” says co-founder & CEO Leo Petrossian. “Though the culmination of years of our work into U.S. FDA clearance & European CE mark was a meaningful milestone in 2018, it was only the start of our journey. With this financing Neural Analytics will be able to launch the Lucid Robotic System into clinical environments where it will have the greatest impact on patient outcomes.”
In a recently posted SEC filing, the company said it raised $24.4 million in an equity and options funding round, with money coming form 109 unnamed investors.
The company is looking to raise an additional approximate $3.5 million in the round, which would bring the total raised up to approximately $27.9 million.
Neural Analytics in November 2018 reported raising nearly $10 million.