Belfast-based HealthTech firm Neurovalens has raised £5.1m in funding, led by IQ Capital.

Neurovalens’ technology was created in collaboration with research facilities at the University of California San Diego, and is designed to influence the brainstem and hypothalamus in a non-invasive way to cure or treat neurological diseases, without the need for implanted electrodes.

This morning the company was ranked at no.8 in BusinessCloud’s Northern Ireland Tech 50.

CEO and co-founder of Neurovalens, Dr Jason Mckeown said: “We are delighted to receive this investment and support at such a critical time for our business.

“Our work in the US and the success of the trials we have run to date have demonstrated the potential of our technology and encouraged us to pursue other applications. With this financing and the backing of our investors we can accelerate our mission of delivering effective and non-invasive solutions for some of the most common and debilitating medical conditions.”

The funding will be used for clinical trial research and development in the UK and abroad, as well as hiring additional staff.

Neurovalens’ technology is currently going through FDA and EU regulatory approvals.

The firm is already in the final phase of trials for obesity, and aims to have approval for insomnia and anxiety devices in the next 12 months, with diabetes trials set for 2021.

Wharton Asset Management Company, The Angel CoFund (ACF), Techstart Ventures, Clarendon Fund Managers, and the Government’s Future Fund also contributed to the funding round.

Tim Mills, Managing Partner of the Angel CoFund said: “The Neurovalens team have developed a truly innovative technique to help people combat an array of health challenges.

“As such, they are a rare example of a startup that really has the potential to fundamentally affect the sector they are in, changing how clinicians treat certain conditions. It is exciting to see the team at Neurovalens continue to grow and the success of their clinical trials, and we look forward to seeing the team continue to push boundaries in health tech.”