BrainQ, an Israel-based startup that seeks to use artificial intelligence in rehabilitating stroke victims and those suffering from spinal cord injuries, recently revealed that it raised $5.3 million in financing round. Considering the company’s previously raised $3.5 million, the company has raised a total of $8.8 million.
The recently closed round of financing included several investors including IT-Farm, Norma Investments, Crowdfunding platform OurCrowd.com and Qure Ventures. The list also comprises angel investors such as Valtech Cardio, the chief executive officer and founder of Amir Gross.
According to Yossi Bahagon, one of the partners at Qure, BrainQ’s technology represents a differentiated and disruptive solution to a huge and increasing need, particularly in the neurorehabilitation market. Morris Laster from Ourcrowd also acknowledged the company’s disruptive potential while talking about his company’s investment.
Brain Q ’s technology depends on various technologies including proprietary artificial intelligence algorithms, electroencephalography(ECG), and what the company considers as one of the biggest brain-computer interface-based EEG databases.
The data enables the algorithms to identify high-resolution spectral patterns drawn from a patient’s EEG readings. During this period the startup had culminated its initial financing round and embarked on a collaboration with Google’s Launchpad Accelerator.
According to the startup, understanding utilized in modifying personalized electromagnetic rehabilitation programs, especially for patients who are experiencing motor disabilities after undergoing a neurological event.
This revolutionary solution has successfully passed animal testing and is currently in its early stages of human clinical trials. In fact, earlier this year, BrainQ‘s team is said to have been working on two clinical trials focused on stroke patients in Israel.
In essence, BrainQ intends to use the patient’s brainwaves to create a personalized treatment protocol. By leveraging its EEG databases, the company is not only able to interpret the brain waves but also establish a treatment protocol.
Yotam Dreschler, BrainQ’s CEO, said the world is on the verge of a new era whereby artificial intelligence (AI)-powered precision medicine would be utilized in treating neuro disorders, which lack an effective solution to date.
He added that in a short duration, the company has attained considerable outcomes and is looking forward to the chance to boost its technology and expand its operations. Doing so will help position BrainQ as a leading company in the BCI-based precision medicine space.
BrainQ intends to utilize the raised funds in expanding its database as well as continuing to prepare its BCI-driven simulation technology for the market. What’s more, the company has managed to capture the attention of Google.
BrainQ was announced in November 2017 as one of the first four health artificial intelligence (AI) firms to be featured in Google’s Launchpad Studio.
This incubator program takes six months and enables developers to hone their solutions in collaboration with Google experts.
The other three participants selected for the program included Augmedix, which concentrates on physician workflow reform and burnout, Cytovale, focuses on developing a sepsis detection solution while Byteflies aims at expediting clinical trials.
As it is common for Israeli-based startups, BrainQ’s team boasts an impressive background. It is made up of previous members of the nation’s elite intelligence units with knowledge about neuroscience and AI.