Neuromod Devices closed an equity financing round worth proceeds of about $10.9 million (€10 million). The funding comes through an expansion of the company’s Series B round. It adds to the more than $33 million brought in earlier in the round nearly two years ago.
Funds support the Dublin, Ireland-based company’s Lenire neuromodulation device for treating tinnitus. The system received FDA de novo approval in March 2023 and has availability throughout Europe.
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Lenire delivers mild electrical pulses to the tongue combined with sound played through headphones. It drives long-term changes or neuroplasticity in the brain to treat tinnitus. An audiologist or ENT surgeon prescribes and fits the device for a tailored treatment plan.
Neuromod Devices said the latest financing helps expand the availability of the device. Specifically, proceeds can help meet demand through sustainable expansion in multiple geographies. The company continues to make it available through audiology and ENT practices throughout the U.S. and Europe. More than 100 clinics in the U.S. now use Lenire, while clinics in 14 countries across Europe offer the treatment.
“We are delighted to announce an oversubscribed financing at a pivotal time when we are driving forward with our mission of making Neuromod the category creator for tinnitus globally,” Ross O’Neill, founder & CEO of Neuromod Devices, said. “Tinnitus is the largest unmet need in hearing healthcare globally and is the number one service-connected disability among US veterans and military personnel. I am proud of the progress Neuromod is making to deliver our market-surpassing treatment to as many tinnitus patients as possible while enabling care providers’ expertise to be commercially rewarded. I am also grateful for the continued support of our investors who share our vision of advancing tinnitus care globally.”
