Neuromod Closes €10 Million Financing to Accelerate Commercialisation
Deal News | Mar 11, 2025 | PR Newswire Cision Neuromod
Neuromod Devices Ltd., an Irish medical device company, has successfully closed a €10 million equity financing round. This financing round was oversubscribed and led by existing investors Fountain Healthcare Partners and Panakès Partners. The funds will accelerate the global commercialization of Lenire, Neuromod's tinnitus treatment device, which is already available in over 100 clinics in the USA and additional clinics throughout Europe. The financing supports Neuromod's mission to address the unmet needs in tinnitus care, particularly among US veterans. Lenire's effectiveness is evidenced by promising real-world results, which show significant improvement for tinnitus patients. The ongoing expansion aims to ensure more patients have access to this innovative treatment.
Sectors
- Healthcare
- Medical Devices
- Venture Capital
Geography
- Ireland – Neuromod Devices Ltd. is headquartered in Dublin, Ireland.
- United States – The financing aims to expand the commercialization of Lenire within the USA, especially in its health facilities.
- Europe – Neuromod plans to expand the availability of Lenire within European clinics, as mentioned in the article.
Industry
- Healthcare – The article discusses Neuromod Devices, a medical device company focused on healthcare innovations specifically for tinnitus treatment.
- Medical Devices – Neuromod's primary product, Lenire, is a medical device aimed at treating tinnitus, making the Medical Devices sector central to the article.
- Venture Capital – The financing round was led by venture capital firms Fountain Healthcare Partners and Panakès Partners, illustrating the venture capital investment in the medical device industry.
Financials
- €10 million – The total amount raised in Neuromod's financing round, aimed at accelerating commercialisation efforts.
- $5.8 billion – Amount paid out by the Veterans Benefits Administration for tinnitus benefits in the USA in 2023.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| Neuromod Devices Ltd. | Company | Target | An Irish medical technology company specializing in tinnitus treatment devices. |
| Fountain Healthcare Partners | Investor | Company | A venture capital firm and existing investor in Neuromod, leading the recent financing round. |
| Panakès Partners | Investor | Company | A venture capital firm that co-led the financing round for Neuromod. |
| US Department of Veteran Affairs (USVA) | Organization | Government | Neuromod plans to expand the usage of Lenire with more USVA facilities after receiving a contract in June 2024. |
| Ross O'Neill | CEO | People | Founder & CEO of Neuromod Devices Ltd. |
| Manus Rogan | Chairman | People | Chairman of Neuromod and Managing Partner of Fountain Healthcare Partners. |
| Alessio Beverina | Managing Partner | People | Managing Partner of Panakès Partners. |
| Emily E. McMahan | Owner | People | Owner of Alaska Hearing and Tinnitus Center. |