NERv raises $2.65 million USD Seed Round as Medtech industry verges on the intersection of AI and data
KITCHENER, ON, April 23, 2021 /CNW/ - Kitchener-based MedTech startup, NERv Technology Inc. has raised a $2.65 million USD seed round of funding to build the company and allow NERv to secure regulatory approval, complete clinical studies, and establish its manufacturing line.
The round was led by SOSV, who originally invested in 2018, with the remainder coming from US, Canadian, and Middle Eastern investors described as a mix of venture capitalists, angel investors, physicians, and strategic investors. Notable funders include Graphene Ventures, OneValley, Northspring Capital Partners, Boutique Venture Partners, and Threshold Impact. NERv also secured an additional $1 million USD in non-dilutive funding bringing the total funds raised to be $3.65 million USD.
NERv Technology Inc., led by CEO Youssef Helwa, aims to create a paradigm shift in patient monitoring by focusing on a proactive model that provides physicians with real-time, objective data to detect complications at their onset. Their first application focuses on post-operative complications and specifically identifying gastrointestinal (anastomotic) leaks after general surgeries. Earlier identification of such leaks, enabled by NERv, can reduce the length of hospital stays, significantly reduce costs, and ultimately save lives.
NERv has already completed its early feasibility clinical study. They currently have a multi-site traditional feasibility clinical study led by principal investigators Dr. Rezende-Neto and Dr. Pablo Serrano in Ontario, at St. Michael's Hospital and Hamilton Health Sciences.
"The MedTech industry is approaching the intersection of AI and data" said Chief Executive Officer, Youssef Helwa, "NERv is at the cusp of innovation in that space, and has a significant market opportunity given the current gap in post-operative monitoring, where it can take days to identify the presence of a complication such as anastomotic leakage."
Prior to the round, NERv secured more than $1.8M USD in funding (non-dilutive and equity funding).
NERv is a Jlabs Toronto resident and has previously participated in prestigious programs such as CDL, TMCx, and the TELUS L-SPARK MedTech Accelerator. NERv is also proudly supported by OBIO, Communitech, and Velocity.
About NERv Technology Inc.
NERv aims to create a paradigm shift in post-operative care, utilizing the plethora of data within the body, to help in the detection of post-operative complications at their onset. NERv's platform sensing technology augments existing wound drains and catheters, providing healthcare providers with a smart monitoring tool that can enhance the delivery of care. NERv's technology is being built with the goal of decreasing surgeon's response time to potential complications, making patient recovery easier, and hopefully saving lives.
SOURCE NERv Technology Inc.
Stef Reid, (613) 620-0724, [email protected]
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