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EyeBrain Raises €1.3 Million ($1.47 Million)

EyeBrain Raises €1.3 Million ($1.47 Million)

02.04.2015

The financing, one of the largest amounts ever crowdfunded by a start-up in France, also enjoys support from the regional joint investment fund for the Greater Paris area and from Eyebrain’s historical shareholders 

Ivry-sur-Seine, France, February 3, 2015 – EyeBrain, a company that develops markers of cerebral function for neurological and psychiatric disorders and diseases, today announces the conclusion of a new round of funding. A total of €1.3 million ($1.47 million) has been raised with the support of EyeBrain’s shareholders, the Fonds Régional de Co-Investissement d’Ile-de-France (FRCI, regional joint investment fund for the Ile-de-France or Greater Paris area) and the Anaxago crowdfunding platform. The FRCI has an exclusive partnership with the crowndfunding platform. 

This is one of the largest amounts ever raised through crowdfunding by a start-up based in France. 

The total raised in this round of funding demonstrates the public interest in health care and the specific neurological and psychiatric disorders that EyeBrain targets. The company develops tools based on the analysis of eye movements, making it possible to test specific regions of the brain. These devices address a gap in the range of diagnostic tools used in neurology and psychiatry. In just 20 minutes and for less than the cost of imaging, EyeBrain’s devices can provide an additional diagnosis with quantifiable, objective results. The device offers a non-invasive alternative to examination techniques such as blood tests or lumbar punctures. 

This third round of funding will help EyeBrain to continue the development of its diagnostic products for neurological and psychiatric disorders such as attention deficit hyperactivity disorder (ADHD) and schizophrenia. EyeBrain also intends to boost its sales presence in Europe. Previously, the company raised €1.2 million ($1.36 million) in 2009 from funds managed by CapDecisif Management and from investment fund G1JIDF, then €3.3 million ($3.74 million) in 2012 from its historical investors and Octalfa, Sudinnova and CM-CIC Capital Innovation. 

“Our latest round of fundraising has proved exceptional in terms of the interest that it has generated, particularly from individuals,” said Serge Kinkingnéhun, CEO of EyeBrain. “The amount raised has exceeded our initial target and means that we can approach this new year with quiet confidence.” 

EyeBrain devices in routine clinical use are already providing physicians with information to support early characterization of Parkinsonian syndromes (such as MSA, PSP and CBD), as well for the follow-up of multiple sclerosis and dyslexia. The EyeBrain Tracker devices are the only ones of their kind to have obtained the CE mark for medical use. In France, the cost of the ocular motor function examination is covered by the social security system. 

“In purchasing a stake, individuals are taking their medical future in their own hands by investing in companies that they consider to be important for their health,” said Joachim Dupont, chairman of Anaxago. “This long-term investment also helps them to drive performance in the medical world.” 

“The FRCI has taken the opportunity of this round of fundraising to take an equity stake in EyeBrain,” said Catherine Boule and Yvan-Michel Ehkirch, partners at CapDecisif Management. “We are keen to support the growth of this business which develops solutions that address population aging and the lack of diagnostic tools in pediatrics.” 

About EyeBrain

EyeBrain develops markers of cerebral function for neurological and psychiatric disorders and diseases and learning disorders. These tools are based on the analysis of eye movements. By recording and analyzing the movement of the eye using the company’s highly sophisticated algorithms, they enable the analysis of eye movement behavior and the testing of specific regions of the brain. The tools developed by EyeBrain address a gap in the range of tools used in neurology: in just 20 minutes and for less than the cost of imaging, EyeBrain devices can supplement a diagnosis with quantifiable, objective results. They are also non-invasive, in contrast to other examination techniques used currently (such as lumbar puncture and blood tests).

Devices in routine clinical use are already providing physicians with information to support early characterization of Parkinsonian syndromes (such as MSA, PSP and CBD), as well as for the follow-up of multiple sclerosis and dyslexia. The EyeBrain Tracker devices are the only ones of their kind to have obtained the CE mark. The company is ISO 9001 and ISO 13485-certified. In France, the cost of the ocular motor function examination is covered by the social security system. Founded in 2008, EyeBrain is located in Ivry-sur-Seine in the Val-de-Marne department of France and employs 13 people. The company raised €1.2 million ($1.36 million) in 2009 from CapDecisif Management and investment fund G1JIDF, then €3.3 million ($3.74 million) in 2012 from its historical investors and from Octalfa, the support fund for small life sciences businesses, and venture capital firms Sudinnova and CM-CIC Capital Innovation. In 2014, EyeBrain raised €1.3 million ($1.47 million) through crowdfunding via Anaxago, and from its historical investors and the FRCI.

EyeBrain is generating revenue through sales of the device. The company has ongoing collaborations with the French National Institute of Health and Medical Research (INSERM), the French National Center for Scientific Research (CNRS) and universities in France (Paris-Descartes and Pierre et Marie Curie) and elsewhere in Europe (Lubeck in Germany, and Nijmegen and Twente, along with Roessingh Research and Development in the Netherlands, and Imperial College and University College London in the UK). EyeBrain also operates from premises at the Institut du Cerveau et de la Moelle Epinière (brain and spinal cord institute) at Pitié-Salpêtrière hospital in Paris, a research center with an international reach. Find out more: http://www.eye-brain.com - http://www.eyebrainpedia.com

About Anaxago

Founded in 2012 by three business partners (Joachim Dupont, François Carbone and Caroline Lamaud), Anaxago is the crowdfunding platform specifically for start-ups and innovative SMEs. In just a few short months, more than €2 million ($2.27 million) has been raised and the portal has gained 12,000 registered members.

Anaxago offers an investment ticket of €1,000 for individual investors who wish to subscribe to fundraising by the businesses that are presented on its platform.

The company organizes monthly face-to-face meetings to keep increasing the level of dialogue by getting to know the leadership teams.

www.anaxago.com

About the FRCI

An initiative of the Regional Council for the Ile-de-France, the FRCI was funded with support from the French government and the European Union as an equity or quasi-equity investment vehicle intended to fund innovative young SMEs in Ile-de-France.

The FRCI is financed mainly by the Ile-de-France Region and has received funding from the European Regional Development Fund (ERDF). The FRCI is managed by financial professionals from CapDecisif Management (www.capdecisif.com [website in French only]) and provides funding through joint investments on equal footing with one or more investment partners (Business Angels networks, crowdfunding platforms and investment funds) with an active presence in the Ile-de-France.

Article cited from: http://goo.gl/53m4tG