Founded in 2013, NovaSignal has developed sensor technology that uses ultrasound waves to peer inside the brain and monitor blood flow in real time, looking for blockages or any other abnormalities that might be signs of a stroke, traumatic brain injury, dementia or other brain disorder.
The most immediate application is for detection of strokes. Traditional techniques used to diagnose strokes — including taking blood pressure and pulse readings and tracking breathing — are indirect methods of detection. They also have accuracy concerns as their results are sometimes contradicted by more in-depth follow-up testing.
NovaSignal said its technology is a more rapid and direct method to detect strokes.
“The health care industry recognizes the need for faster and more accurate stroke diagnosis,” Diane Bryant, NovaSignal’s chief executive, said in the funding announcement. “The platform will improve the standard of care for stroke patients, and we are determined to drive availability to the millions of people in the U.S. that suffer from neurological conditions every year.”
NovaSignal’s customers include neurological and cardiological hospitals across the United States, Canada and Europe, as well as independent stroke centers. Among the hospitals using the technology are Houston Methodist Hospital and Royal London Hospital, which is operated by London-based Barts Health NHS Trust.
The company launched eight years ago under the name of Neural Analytics. In July 2020, it rebranded as NovaSignal to emphasize the detection aspect of its technology.
In its eight years, the company has raised $109 million through four funding rounds. The most recent round of $37 million that just closed was led by Westwood-based Alpha Edison and Winnetka, Ill.-based Reimagined Ventures.
NovaSignal plans to use the infusion of funds to support its continued commercial expansion, further product innovation and new clinical trials to increase applications within and beyond stroke detection.
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