London-based medtech startup Neurofenix has raised $7m (£5.9m) in Series A funding led by AlbionVC for US expansion, hiring and clinical trials.
Neurofenix combines a telemedicine platform with its sensor-based Neuroball device to offer personalised rehabilitation for people that have been affected by stroke, traumatic brain injury and spinal cord injury.
Patients use the Neuroball for the rehabilitation of arm and hand functions through either games or tracking done through its app.
“Neurofenix is poised to revolutionize physical recovery after a neurological injury, such as a stroke, traumatic brain injury or spinal cord injury,” said Andrew, Elder, deputy managing partner, AlbionVC.
Every year over 100,000 people in the UK have a stroke at an estimated £3bn cost to the NHS plus an extra £4bn in productivity, disability and informal care.
Neurofenix was founded in 2016 by CEO Guillem Singla Buxarrais and CTO Dimitrios Athanasiou, graduates of Imperial College London and Entrepreneur First alumni.
Elder added: “With my background as a neurosurgeon, I could see that Neurofenix is positioned to fill a major gap in the neuro-rehab industry.”
Joining AlbionVC in the round were HTH, InHealth Ventures along with previous backers of the startup.
Launched in 1996, AlbionVC backs UK early-stage B2B software and healthcare companies such as the data analytics platform Black Swan Data and Credit Kudos.
Virtual healthcare has continued to boom since the pandemic. Fellow telehealth platform for pets Vetster recently launched its service in the UK, following a £25m raise.
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