BrainScope Company, Inc., the medical neurotechnology company which created the first FDA-cleared handheld medical device for assessment of the full spectrum of traumatic brain injury, has completed a $16 million equity financing.
New investor DBL Partners joined previous backers Revolution LLC, ZG Ventures, Maryland Venture Fund and other existing and new investors in the round, which the company will use to support the commercial launch of its flagship BrainScope One medical device, as well as for continued research and development initiatives.
“We are delighted to have closed this financing with such outstanding investors. This investment acknowledges our leadership position as the first and only handheld, objective, FDA-cleared medical device for traumatic brain injury assessment. The financing will not only help the company drive commercial sales within various markets, but will also provide capital for research and development to broaden our product portfolio,” stated Michael Singer, CEO of BrainScope.
“Throughout our extensive diligence on BrainScope and potential alternative approaches for the triage of traumatic brain injury, we consistently heard from clinicians that the BrainScope product was a true breakthrough. We are happy to be supporting this team,” stated Cynthia Ringo, senior partner at DBL Partners.
Ringo will join BrainScope’s Board of Directors. Ms. Ringo currently sits on the board of directors of The RealReal, Urbansitter, Maiyet, RubyRibbon, Siva Power, and the Bay Area BUILD and is a member of WomenCorporateDirectors (WCD) Foundation. She also served on the board of the Forum for Women Entrepreneurs from 2000 to 2004, and as Chair of the Board from 2001 through 2003. Ringo was formerly a Managing Director of VantagePoint Venture Partners from 2002 to 2008. Prior to VantagePoint Venture Partners, she served as the CEO of Coppercom, a next- generation network switching company, from 1998 to 2001 and was the Chairman of the Board from 2001 to 2002.
BrainScope One is an FDA-cleared medical device for rapid, objective assessment of mildly presenting adult head injured patients at the point of care for up to three days following injury, and is designed to help the clinician assess the full spectrum of brain injury, including whether a patient has structural brain injury visible on CT, as well as whether a patient has functional brain injury, including concussion. BrainScope One is available to a cross-section of market segments including urgent care clinics, occupational health clinics, hospital emergency rooms, university and professional sports, and the U.S. military and government.
BrainScope has been the recipient of several prestigious awards over the past few months, including the Frost & Sullivan 2017 Best Practices Award for New Product Innovation in the Traumatic Brain Injury Assessment Solutions Market, as well as a nomination for the 2017 Prix Galien USA Best Medical Technology, regarded as the equivalent of the Nobel Prize in medical technology research, with a winner to be chosen in October.
