Neuromod Devices - medtech innovation via neuromodulation
by Startacus Admin
The lowdown on Dublin-based startup and NUI Maynooth spin-out Neuromod Devices and its innovative evidence-based bimodal neuromodulation treatment for chronic tinnitus.
Up to 15% of the world’s adult population lives with tinnitus. Most simply described as a ringing in the ears without external source - although it can be heard in other forms such as roaring - tinnitus can be temporary or permanent, occasional or frequent. It can be a minor irritation or it can be a more major distraction that can affect focus and the ability to absorb what people are saying. There is no cure for tinnitus, and remedies for treating it range from relaxing, to cutting out caffeine, to cognitive behavioural therapy, but perhaps it’s time something less passive was introduced to help relieve us of tinnitus.
Dublin-based medtech startup, and NUI Maynooth spin-out, Neuromod Devices has been working on a solution with their innovative device, Lenire. Lenire is a non-invasive medical device utilising patented bimodal neuromodulation technology to alleviate the symptoms of tinnitus. It uses a combination of sound and electrical stimulation via the tongue to reduce the perception of tinnitus. The device has been CE-marked in Europe and approved by the United States of America Food and Drug Administration, which is huge, given that there are around 50 million Americans with tinnitus, with the number of tinnitus patients growing by around 12% per year.
Recently, Neuromod Devices announced that they had closed a massive €30 million in funding. This funding will support their expansion into the US market as well as continued development of other products that use their bimodal neuromodulation technology to assist with neurological disorders. It comes from an even split between venture debt funding from the European Investment Bank and new equity investment led by Italian life sciences specialist Panakès, and also includes the startup’s existing shareholders. As well as Neuromod Devices’ current operations in Ireland, Britain, Germany, Austria, Belgium, and Switzerland, and now the US, this funding will also help them to expand into Italy, the Netherlands, Portugal, and Sweden.
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The lowdown on Dublin-based startup and NUI Maynooth spin-out Neuromod Devices and its innovative evidence-based bimodal neuromodulation treatment for chronic tinnitus.
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Published on: 17th May 2023
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