Sooma Medical announced that it raised €5 million ($5.5 million) to support its at-home brain stimulation technology.
Nordic early-stage investor, Voima Ventures, led the funding round. Singapore-based Verge HealthTech Fund and existing investor Stephen Industries also participated. The funding marks a new phase of growth for Sooma in its mission, the company said in a news release.
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Helsinki, Finland-based Sooma develops a flexible and accessible treatment solution called transcranial direct current stimulation (tDCS). Using a portable neuromodulation device, tDCS delivers a mild electrical current to stimulate the brain. Sooma designed it to alleviate depression symptoms without the need for pharmaceuticals.
Sooma’s treatment targets the brain and relieves symptoms without causing systemic side effects associated with antidepressants. The prescription-only therapies can provide standalone treatment or work in tandem with other treatment types. Most importantly, patients can use the stimulation therapy safely in their own home.
The technology won FDA breakthrough device designation just over a year ago.
“Everyone battling depression deserves a chance at a brighter tomorrow,” said Tuomas Neuvonen, co-founder and CEO of Sooma. “Our innovative, drug-free treatment is designed to be easily accessible from the comfort of your own home. We are dedicated to reaching especially those underserved by medication, or those with limited access to psychotherapy, ensuring everyone suffering from depression has access to the best possible care.”
Sooma pairs its portable neuromodulation system with a digital platform. It allows clinicians to remotely monitor treatment adherence and tailor treatment to individual needs. It also enables clinicians to manage multiple patients at once.
The company said more than 20,000 patients have received treatment around the world with its tDCS therapy. In September, the company received European Medical Device Regulation (MDR) certification.
With the funding, the company plans to accelerate its product development and continue expanding into new and existing markets. It believes its FDA breakthrough nod will help bring the therapy to the U.S. as well.
“The FDA breakthrough device designation acknowledges Sooma as a crucial missing component in depression treatment in the U.S., opening us a unique opportunity to help millions of people suffering from depression,” Neuvonen said. “Gaining FDA approval would not just open up the therapy for patients throughout the U.S. but also serve as a stamp of approval for regulators around the globe. We are committed to making our treatment accessible to patients in need worldwide as quickly as possible.”
