A wearable neuromodulation device designed to stimulate the brain and boost sleep quality and memory has secured $12m in seed funding.
US-based neurotechnology company Elemind emerged from stealth and said the funding will support the development of what it calls a ‘first-of-its-kind wearable neurotechnology platform’ that uses artificial intelligence (AI) to improve health without the need for any pharmaceutical option.
According to Elemind, the wearable neurotechnology can read individual brainwaves and guide them in real time by responding with tailored stimulation.
Elemind has backed up these claims through a series of clinical trials that show the wearable caused study participants to experience an overall improvement in memory. At the same time, Elemind’s trial using phase-locked auditory stimulation to treat symptoms of sleep-onset insomnia was able to improve the quality and frequency of sleep in study participants, inducing sleep up to 74% faster.
Elemind CEO and co-founder Meredith Perry said: “Chemical drugs affect the entire body, often leading to unwanted side effects. Elemind offers a non-chemical, direct, and on-demand solution that learns and dynamically adjusts to each person. We’re the first and only company able to precisely guide and redirect brainwaves in real-time.”
The company is being supported by investment groups, including Village Global, and life sciences investor LDV Partners, as well as the Michigan Institute of Technology’s (MIT) own investment fund.
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Village Global partner Erik Torenberg said: “We were impressed by the team’s bold vision, and the significant market potential, and were fortunate to be the first investor in Elemind. Elemind’s neurotech wearable represents the latest advancements in the industry.”
“Elemind broke new ground with an algorithm that allows for instantaneous neuromodulation. Each brain is unique and constantly changing, so we leverage AI and ML to optimise stimulation parameters to achieve the desired state the fastest,” said David Wang, CTO, and co-founder of Elemind.
“You can think about it like noise cancellation for the mind – our technology uses phase-locking auditory stimuli to align precisely with the user’s brainwaves and steer them to a different frequency associated with a different state.”