University spin-out raises £2m in seed funding
An award-winning University of Exeter spin-out company has raised more than £2m funding to develop its pioneering epilepsy diagnosis technology.
Neuronostics has received £2.1m in funding through a successful round of seed funding, led by the Ascension Life Fund.
The new 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.
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.”
Neuronostics was co-founded by Professor Terry and Dr Wessel Woldman in 2018. Their research is focused on the development and application of mathematical and computational methodologies for understanding the dynamics of biomedical systems, with particular interests in the transitions between healthy and unhealthy states in the human brain.
As part of their work, the company are developing a pioneering patented biomarker of epilepsy, called BioEP. This 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 and also enhances the diagnostic capabilities of EEGs.
Traditionally, EEGs are used in clinical settings to visually identify abnormalities indicative of epilepsy, such as interictal spikes or discharges. However, these features are absent in approximately 70% of EEGs, making the diagnosis of epilepsy challenging and typically delayed.
BioEP™ 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 have now 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 said: “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 £100,000 contract to enable a feasibility study to be undertaken that explores the utility of BioEP for epilepsy diagnosis in paediatric cohorts.
