Neuvotion has announced that it has received more than US$1 million in seed funding. The Long Island Angel Network, an organised group of individual, Long Island-based angel investors, and the Good Shepherd Rehabilitation Network, a nationally recognised rehabilitation leader, have provided the company with what is its first equity investment—a Neuvotion press release states.
This seed funding will be used by Neuvotion to expand its team, conduct a multisite clinical study, and seek US Food and Drug Administration (FDA) clearance for its initial product.
The release adds that Neuvotion has secured exclusive, worldwide licensing rights to a transformative technology developed by its founder and CEO, Chad Bouton, who is also a professor at the Feinstein Institutes for Medical Research at Northwell Health (Manhasset, USA).
“I am inspired by the prospect of helping the millions of patients who have experienced a stroke, traumatic injury, or are living with movement impairment, to reach their goals,” said Bouton. “We are working to commercialise NeuStim and other technologies so they can be used in clinical practice, and ultimately in the home to increase quality of life and independence.”
Neuvotion is an early-stage medical device company developing solutions for facilitating and restoring movement to patients experiencing impairment from stroke, traumatic injury, and other conditions. Its NeuStim technology combines highly targeted neurostimulation and artificial intelligence (AI) to make physical and occupational therapy more effective and efficient.
The release concludes that Neuvotion is planning a multisite clinical study to assess its novel technology, which is set to begin next year.