Neuromersiv secures $1 million to advance MedTech for stroke, spinal cord & brain injury survivors.
MedTech Actuator™ startup Neuromersiv has received a $1 million grant from the BioMedTech Horizons Fund to help bring their virtual reality solution for neurorehabilitation to life.
Delivered by MTPConnect, the Australian Government’s $45 million BioMedTech Horizons Fund supports innovative health technologies, drives discoveries that address health challenges towards proof-of-concept and commercialisation, and maximises entrepreneurship potential.
This announcement is another success for the startup following their recent $231K Accelerating Commercialisation grant.
Neuromersiv is revolutionising brain rehabilitation therapy through combining virtual reality, haptics – the science and technology of transmitting and understanding information through touch – and functional electrical stimulation.
Combining virtual reality and proprietary hand and arm wearable technology, Neuromersiv provides a novel, engaging and data-driven approach to rehabilitation therapy. The holistic solution empowers stroke, spinal cord and acquired brain injury survivors to regain independence and improve their quality of life.
“This product can improve rehabilitation therapy outcomes for millions of people across the globe – this latest funding support from the BioMedTech Horizons Fund is a big leap forward in bringing this vision to reality,” says Neuromersiv CEO, Anshul Dayal.
Since its inception in 2017, Neuromersiv has established commercial partnerships with Neuromoves who operate 11 rehabilitation centres across Australia, and leading hospitals in India and Taiwan. The startup has also established research partnerships with the University of Newcastle and Hunter Medical Research Institute.
The solution will soon be trialled in NSW public hospitals to gather independent clinical evidence on its efficacy in improving rehabilitation outcomes post brain injury. This trial will build upon the work of Neuromersiv cofounder and Head of Product, Rohan O’Reilly.
In his years as a rehabilitation therapist, Rohan observed the positive effects of immersive virtual reality in improving sensorimotor function in brain injury survivors. This insight led Rohan to found Neuromersiv with COO Oliver Morton-Evans and Anshul.
“Our vision is to put Australia at the forefront of neurorehabilitation innovation. We want to enhance rehabilitation practices to improve health outcomes and reduce costs – lessening the impact of stroke, spinal cord and acquired brain injury at both an individual and societal level,” says Anshul.
Anshul has found that commercialising innovative medical devices can be capital- and time-intensive given the strict compliance and regulatory requirements.
“It is particularly important for MedTech startups to validate the early idea to ensure it can be commercialised to scale, and not to underestimate the impact compliance and regulatory hurdles can have on the long-term capital requirement and market entry plans,” says Anshul.
Neuromersiv joined the MedTech Actuator™ in 2019 to springboard their business to the next level through access to long-term funding and a sophisticated network of industry contacts. The 15-month, industry-led, venture-backed program aggressively funds and accelerates medical, health and biological technology startups, working alongside venture partner Artesian to support startups on their journey.
Neuromersiv has achieved significant milestones since joining the MedTech Actuator™ including partnering with key medical device production partners, defining a clear regulatory pathway for their product, commencing implementation of their quality management system, and their recent BioMedTech Horizons Fund and Accelerating Commercialisation grant success.
“Having access to a vast network of MedTech-focused mentors, partners and investors has been invaluable in achieving significant milestones in less than 12 months since joining the program. We have enjoyed working with the MedTech Actuator™ team, their constant support, and connecting with and learning from like-minded MedTech Actuator™ alumni,” says Anshul.
“The MedTech Actuator™ has offered us world-class funding, mentoring, and networking support which has been pivotal in helping us to achieve key milestones in less than 12 months. I would recommend the MedTech Actuator™ to all MedTech, HealthTech and BioTech startups looking to accelerate their growth and success.”
Find out more about Neuromersiv at www.neuromersiv.com.