WEST LAFAYETTE, Ind. – Neurava, a startup located in West Lafayette, Indiana, announced Monday, November 1, that it has received more than $ 650,000 in seed funding led by Elevate Ventures with participation from Purdue Foundry, First Leaf Capital, UCB Biopharma, iO Life Ventures and angel investors.
Neurava is developing a portable device to monitor and alert to the imminent risk of sudden and unexpected death in epilepsy (SUDEP). Vivek Ganesh and Jay Shah, current and former doctorate. Candidates from Purdue University’s College of Engineering, launched the startup after a potential mechanism of action behind SUDEP was discovered in the lab of Pedro Irazoqui, the new director of electrical engineering at Johns Hopkins University and former associate director of biomedical engineering and founder of the Center for Implantable Devices at Purdue.
âWe have built a comprehensive group of investors comprised of venture capitalists, angel investors, Purdue Foundry and a key strategic partner, UCB Biopharma,â said Shah. “Our group of investors bring more than capital. They also share their experience in entrepreneurship, medical device development and the field of epilepsy.”
Neurava received a pre-seed investment of $ 20,000 from Elevate Ventures as part of the Elevate Nexus regional pitch competition in 2019. This initial investment allowed the company to begin building a prototype.
Ganesh said, âWe are really delighted to receive such support from these top companies and appreciate the trust they have placed in our team. SUDEP is a risk facing millions of people around the world. With this funding, we can make a prototype that we believe can have a huge impact on patients with epilepsy and their caregivers. “
The new funding will allow Neurava to complete a final prototype and collect human data through epilepsy surveillance studies, as well as finalize an insurance reimbursement strategy and expand its team.
âAt UCB, we are committed to improving the lives of people with epilepsy, and supporting the wider epilepsy community is at the forefront of everything we do. Our goal is to improve the detection, management and treatment of crises, as well as the development of health technologies is a key area. We welcome the opportunity to partner in this area of ââresearch if needed, âsaid Charl van Zyl, Executive Vice President, Head of Neurology Solutions and European and International Markets, UCB.
Mike Shepard, Entrepreneur in Residence at Elevate Ventures, said, âElevate is delighted to be working with Jay and Vivek. They embody the characteristics of thoughtful leadership and motivation required to be successful with an early stage medical device business. with epilepsy, their technology will provide much needed information and surveillance. “
âPurdue Foundry is making strategic investments to enable Purdue startups to improve the world,â said Riley Gibb, director of business development at Purdue Foundry. Jay and Vivek are passionate about their medical device and are also passionate about organizing Neurava for lasting success. We are proud of our ability to support Purdue technology and be part of the first round of seed funding to support the ‘business.”
In addition to the funding announced Monday, Neurava was selected as a finalist for the MassChallenge Accelerator Competition in Boston this year. Neurava was also one of 54 startups selected from 440 global candidates for the Rice Business Plan Competition. The competition won a US $ 25,000 prize from the Food and Drug Administration for further development of its technology.
About Elevate Ventures
Elevate Ventures is a private business development organization that helps high-growth startups and start-ups develop into high-performing businesses based in Indiana. Elevate has invested more than $ 120 million in more than 400 companies through its various programs. Pitchbook has ranked Elevate as the most active VC in the Great Lakes region since 2017. To learn more about Elevate Ventures, visit elevateventures.com.
Neurava is a medical device startup translating the discovery of a potential mechanism of action behind Sudden Unexpected Death in Epilepsy (SUDEP) into a unique smart wearable device capable of identifying and alerting in the event of crises and imminent SUDEP risk. This diagnostic platform, developed by the company’s scientific founders, can have a vital impact on the approximately 3.5 million people in the United States and 50 million people worldwide who suffer from epilepsy. To learn more about Neurava, visit www.neurava.org.
About the Purdue Foundry
The Purdue Foundry is an entrepreneurship and commercialization center whose professionals help Purdue innovators create and grow start-ups that will make the world a better place. The foundry accomplishes its mission by providing hands-on training, direct investments and relationships with experienced entrepreneurs, industry experts and investors. The Purdue Foundry is part of the Purdue Research Foundation, which received the 2019 Universities Award for Innovation and Economic Prosperity for the place of the Association of Public and Land Universities. Contact the Purdue Foundry at firstname.lastname@example.org.
Jay Shah, CEO, Neurava: 281-995-8055, email@example.com
Contact Elevate Ventures:
Erica Schweyer, firstname.lastname@example.org
Contact for the Purdue Research Foundation:
Steve Martin, email@example.com