Belfast health tech firm secures £1m in seed funding

Belfast-based health tech start-up BrainWaveBank has secured £1 million (€1.15 million) in seed funding from investors to build out its neuroscience platform.

Founded in January 2015 by Ronan Cunningham, Brian Murphy, Siggi Saevarsson and Urs Streidl, the company has developed solutions to track cognitive fitness and spot early signs of dementia.

The company is now looking to raise a further £3 million in the coming months

through a Series A funding round.

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BrainWaveBank’s technology enables users to track their cognitive health on a daily basis, using a wearable device and a smartphone app. The company then uses advanced analytics and machine-learning tools to detect possible signs of cognitive decline and empower people to make simple lifestyle changes to encourage healthy aging of the brain.

Accelerate our product

The company is also active in assisting people playing contact sports such as rugby and American football, amid concerns over a link between concussion and debilitating brain disorders.

Angel CoFund, a £100 million investment fund that backs UK businesses, led the seed funding round with support from techstart NI, Innovate UK and Invest Northern Ireland.

“The funding that we have secured will allow us to build out our team and accelerate our product development so that we can get our solution into the market quickly,” said chief executive Ronan Cunningham.

“By allowing people to easily track their cognitive health on a daily basis in a fun and low cost way we can help transform our understanding of brain health and contribute to solving some of today’s most challenging cognitive health issues,” he added.

BrainWaveBank has been selected as one of the 12 finalists who will pitch in front of a global audience of influencers at Pitch@Palace which is hosted by the Duke of York and takes place in late April at St James Palace in London.