Neural Analytics Inc., a medical device company that uses ultrasound to measure brain health, has raised $15 million in series B financing, officials announced Monday.
The privately held Rancho Park company raised the money during a funding round led by Alpha Edison Management Co., an early stage venture capital firm based in Beverly Grove.
“This round of funding will allow us to build on the momentum we have generated in 2017 and expand our team as we further advance the development of the Lucid System to assess and monitor additional brain health conditions,” said Leo Petrossian, co-founder and chief executive of Neural Analytics, in a statement.
The company’s Lucid ultrasound system employs a battery-operated tablet device that can diagnose brain disorders from outside the body.
In October, the four-year-old company was awarded a $10 million contract by the U.S. Army to help develop a portable kit to assess combat-related traumatic brain injuries.
Last April, it sold $10.1 million in securities during a $25 million securities sales offer, according to a U.S. Securities and Exchange Commission filing. To date, it has received more than $40 million in total funding.
Health business reporter Dana Bartholomew can be reached at firstname.lastname@example.org. Follow him on Twitter @_DanaBart.