Medtech startup Neuronostics raises over £2 million

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SETsquared Bristol

Multi-award-winning medtech startup, Neuronostics, has raised more than £2m in funding to develop its pioneering epilepsy diagnosis technology.

The company received £2.1m in an oversubscribed seed funding round led by the Ascension Life Fund.

Chris Wheatcroft, Investment Director at the Ascension Life Fund said: “We are delighted to have invested in Neuronostics, whose software as a medical device could revolutionise how neurological conditions are diagnosed and treated.”

The funding, along with backing from a syndicate of additional investors including QantX, the Cornwall and Isles of Scilly Investment Fund managed by The FSE Group and Empirical Ventures, will allow Neuronostics to accelerate its route to market in the UK and Middle East, while also begin seeking regulatory approval from the FDA for the US market.

Co-founders Professor John Terry and Dr Wessel Woldman joined SETsquared Bristol in February 2021 for support to commercialise their research. As part of their work, the company are developing BioEP™, a patented biomarker of epilepsy.

This pioneering digital biomarker reveals features from routinely collected clinical recordings that are currently hidden from clinical practice. These features indicate how likely a person is to have epilepsy, which supports a neurologist in determining the most appropriate next steps.

It also enhances EEG analysis by detecting epilepsy-associated features in routine recordings, even when traditional epileptiform rhythms are absent. This approach can speed up diagnosis meaning patients receive more effective treatment sooner, and relieves downstream pressures by reducing costly further testing.

Neuronostics has also received a further £350K grant from Innovate UK through its Investor Partnerships programme to develop the BioEP™ platform.

Co-Founders of Neuronostics, Professor John Terry and Dr Wessel Woldman commented: “Alongside the scientific and clinical traction we have gained these past two years, closing this round is a clear signal that our technology and business model is commercially sound and scalable in global markets.”

We are excited to be working with several hospitals in the UK to pilot BioEP™, as well as to generate further clinical evidence of its health economic impact.”

In further good news for the company, SBRI Health have just announced a £100K contract to enable a feasibility study to be undertaken that explores the utility of BioEP™ for epilepsy diagnosis in paediatric cohorts.

Find out more about SETsquared Bristol’s Incubation programme

About Neuronostics

Neuronostics is a multi-award winning medical technology startup, spun out of the University of Exeter, with a mission to revolutionise the way neurological conditions are diagnosed, treated, and monitored. The company uses the power of mathematical modelling to develop novel digital biomarkers that create faster paths to diagnosis and effective treatment response.

In conjunction with the development of BioEP™, the company has developed the Neuronostics Platform, a scalable web-based solution that allows BioEP™ to be rapidly delivered to neurology centres globally. The Neuronostics Platform will serve as critical infrastructure as the company develops and deploys novel digital biomarkers in other disease areas allowing Neuronostics to rapidly and effectively revolutionise the way neurological conditions are diagnosed, treated, and monitored.

Neuronostics’ vision is that digital biomarkers are used routinely in neurology centres around the world to create a more proactive and anticipatory model of care radically improving the lives of people at risk of, or living, with neurological conditions. To find out more about Neuronostics, please get in touch at info@neuronostics.com.

About the Ascension Life Fund

Ascension is an early-stage VC built by exited entrepreneurs to back the next generation of tech and impact founders. Voted Seed VC of the Year in 2022 (UK Business Angels Association) and described as the most active investor in London over the past decade (Beauhurst). Since 2015, Ascension has backed 175+ tech and impact startups through their (S)EIS & Institutional Funds. Beyond capital, they devote their proven operational expertise, platform resources, and extensive network to support founders on their journey to Series A and beyond.

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