Medical device firm secures £1.7m funding
Sheffield-based Braintrain 2020 has secured funding to the value of £1.7m following £575k a interim fund raising round, which includes existing shareholders and a new Innovate UK biomedical catalyst award.
The new funding will allow the personalised medical device firm to trial its unique insomnia treatment SleepCogni.
Led by chairman and investor Richard di Benedetto, SleepCogni offers a fresh approach to combatting insomnia through a patented behavioural treatment. The device uses multiple physiological and behavioural inputs to inform its AI and then through personalised intervention guides users towards sleep.
With the funding in place SleepCogni is now focused on the clinical investigations of its wearable device and will do a large trial In collaboration with Sheffield Hallam University.
This research will provide key data on how SleepCogni’s technology treats insomnia, will optimise personalisation algorithms, and provides large-scale user experience to pave the way for rapid commercialisation. The first results from these studies are expected early next year.
Richard Mills, chief executive officer of SleepCogni commented; “We are delighted that suppliers, shareholders and outside specialists have such belief and enthusiasm for our ground breaking technology. We are focussing in the coming months on achieving three key deliverables: FDA clearance, clinical trials and commercial desire. We expect our business to be ready for a larger investment round mid 2020.”
Dr Maan van de Werken, chief science officer of SleepCogni added; “SleepCogni provides a unique intervention and a credible solution to a growing group of people that struggle to initiate sleep and that currently have limited viable treatment options. Our trial is a combination of gathering information on our intervention, our physiological and behavioural assessment of sleep in particular during the wake-sleep transition, and the user experience of our device. We are open to new scientific collaborations in this field.”
