Belfast-based HealthTech Cumulus Neuroscience has raised a £3.25m equity funding round to scale up its commercial operations.
The company has a team of 31 staff and is headquartered at Catalyst in Belfast’s Titanic Quarter and the funding will also be used to hire key personnel, including a head of B2B marketing and sales operations as well as a VP of business development.
The funding round was led by a £1.5m investment from Whiterock’s Growth Capital Fund, alongside £1.25m from the Investment Fund for Northern Ireland’s equity fund, run by Clarendon Fund Managers, £300,000 from Angel CoFund and £200,000 from Co Fund NI.
Cumulus is focused on advancing neuroscience clinical trials and patient care through improved data and AI with its NeuLogiq Platform.
This provides biopharma partners and collaborators with a suite of tools which help to advance the discovery and development of new therapies for neuropsychiatric and neurodegenerative conditions.
Multi-million-pound contract win for McLaren & Ferrari tech supplier
“There is a substantial unmet need today in neuroscience clinical studies,” said Tina Sampath, chief executive of Cumulus Neuroscience. “Many study endpoints are measured with traditional pen and paper assessments which lack objective data about brain function.
“Biopharma companies need objective data to effectively establish baseline information about whether a drug is engaging with the region of the brain that a particular drug is targeting, whether a drug is effective, and informing which cohort of patients may benefit the most from a particular drug.
“The NeuLogiq Platform was purpose built in collaboration with ten top biopharma companies to address the limitations of traditional neurological assessments by providing objective data across multiple domains of brain function. Cumulus is well positioned to capitalise on the significant opportunities that exist in the neuroscience clinical research space.”
Brian Cummings, investment director at Clarendon Fund Managers, added: “Clarendon is proud to continue our support of Cumulus Neuroscience through the IFNI Fund.
“The company’s world-class technology holds immense potential to transform how neurological and psychiatric conditions are understood, monitored, and treated.
“In particular, Cumulus’ work promises to revolutionise the diagnosis and treatment of diseases such as Alzheimer’s, Parkinson’s and depression – conditions of growing global significance as the population ages.”