Kraft Group has contributed funds to an ElMinda funding round that will support continued development of a medical device to measure brain function.
Israel-based biotechnology company ElMinda closed an oversubscribed series C round featuring diversified conglomerate Kraft Group at $28m yesterday.
Investment bank WR Hambrecht, asset manager Palisade Capital Management, and investment advisers Healthcrest and Wexford Capital also supported the round, as did undisclosed additional backers.
Crowdfunding service OurCrowd has also been named as an investor, and records show Elminda secured $2m through the platform. However, that fundraising is not dated and it remains unclear whether the capital is part of the series C round or if it constitutes an earlier investment.
ElMinda has not disclosed details about previous funding rounds.
Founded in 2006, ElMinda’s Brain Network Activation system is a non-invasive device that measures and analyses brain function, providing data that can be used for personalised treatments for patients suffering from neurological and psychiatric conditions.
The company is targeting diseases such as Alzheimer’s, Parkinson’s, depression and attention deficit hyperactivity disorder. The technology also has applications for traumatic brain injuries, making it of interest to Kraft, as the firm owns American football team the New England Patriots.
The funding will go towards further development of ElMinda’s technology, following regulatory approval in both the US and the European Union last year.
ElMinda chief executive Ronen Gadot is a founding member of consumer electronics company Philips’ corporate venturing unit. The company was founded by Amir Geva, professor at Ben-Gurion University of the Negev.
This article was first published at Global Corporate Venturing.
