Neurofenix, a London-based digital rehabilitation startup with its U.S. headquarters in Atlanta, has raised $7 million to expand its U.S. operations and enhance its therapy platform, according to an Aug. 30 press release.
London-based venture capital firm AlbionVC HTH led the round with participation from HTH, InHealth Ventures and other existing investors. The latest raise will bring the company’s total funding to approximately $12 million, said company CEO Guillem Singla Buxarrais.
The startup helps patients recover at home during their neurological rehabilitation by using a combination of technology and teletherapy provided by a therapist.
The Covid-19 pandemic accelerated the growth of the company as stroke and brain injury patients were not able to access needed therapy, increasing the demand for home-based solutions.
“If we think about how therapy is delivered, most of it is in a facility or a hospital and we know with Covid-19 that patients weren't able to access that,” said Buxarrais. “It accelerated the transition away from hospitals to make sure patients receive the best therapy.”
The global neurorehabilitation market that Neurofenix is addressing was valued at just over $1 billion in 2020 and is projected to reach $2.5 billion by 2030, according to market research firm Allied Market Research. That growth is driven by an increase in research funding, product approvals by regulators and prevalence of neurological disorders.
Recently, the company released its "NeuroBall" product. The sensor-based device guides patients to do therapy at home while a therapist measures their arm and hand movements. Following the raise, it looks to expand the product to include lower limbs, Buxarrais said.
The startup also plans to use funds from the recent investment to double its international staff of 12 within the next year. Hires will be in clinical support, sales and marketing. It has an Atlanta office located at 3350 Riverwood Parkway in Cumberland where two employees are located. More employees will be added to that location as it expands, said Buxarrais.
The company was founded in the U.K. by Dimitris Athanasiou and Buxarrais in 2016 after the pair had volunteered at stroke organizations figuring out how to best make a difference. After running trials of their product at the Brunel University London, Neurofenix launched in the U.S. market in early 2020.
Inspiration for the startup was driven by the co-founders’ experience with having several family members suffer from neurological injuries. Both Buxarrais and Athanasiou have a background in biomedical engineering from Imperial College London, giving them an understanding of how to maximize neuro-patients’ recoveries.
Since the beginning of the year, the Buxarrais says Neurofenix has more than quadrupled the number of patients that use its platform and have consistently grown month-by-month. He declined to disclose an exact number of customers.
