Cambridge, USA-based, new AI-enhanced neurotech health company Elemind closed its seed round with USD 12 million in funding. The round took place on February 7, 2024. Village Global (the first investor in the company) and LDV Partners, a global deep-tech and life sciences fund, participated in the financing. Meanwhile, MIT’s investment fund, E14 Fund, Wharton’s Alumni Angel fund, Embark Ventures, as well as the founders of Skype, Nest, Opentable, Broadvision, Boston Scientific, Vital Proteins, and Fab Fit Fun joined in the financing.
As a part of the deal, LDV Partner Dr Qing Zhang, a seasoned investor and entrepreneur and a Harvard-trained medical doctor joined Elemind’s board.
Purpose of financing for Elemind
With the latest financing, the company emerged from stealth. It seeks to develop its first product further ahead of its reveal in the coming months.
What the company’s official has to add
Meredith Perry, CEO and co-founder of Elemind, 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.”
Dr David Wang, CTO and co-founder of Elemind, further added, “A new era of transformative neurotechnology is arriving, and Elemind is at its forefront. 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 optimize stimulation parameters to achieve the desired state the fastest. 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.”
What the investors have to comment
Erik Torenberg, Venture Partner at Village Global, further added, “We were impressed by Meredith and the team’s bold vision and the significant market potential, and we were fortunate to be the first investor in Elemind. Elemind’s neurotech wearable represents the latest advancements in the industry. The team has made significant progress towards its vision and has made our decision to invest look easy. I’m excited about what’s to come in 2024.”
Besides, Dr. Qing Zhang, MD, partner at LDV Partners, said, “Elemind is revolutionizing neurotechnology. Their innovative design combines cutting-edge technology with thoughtful craftsmanship to help individuals improve their health.”
About the company
David Wang, Ed Boyden, Heather Read, Meredith Perry, and Nir Grossman launched the company in 2019. Elemind is a neurotech health firm dedicated to improving health by providing every person with better, more focused, and personalized solutions for treating problems and optimizing wellness.
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