CERENION closes a 500,000€ seed investment round in its brain monitoring business
Cerenion Oy in collaboration with Butterfly Ventures and Icebreaker.vc announces the closing of a seed investment round of 500,000€ in its business.
February 5th, 2018 - Oulu, Finland - Cerenion Oy, the next-generation brain monitoring company, is proud to announce the completion of a 500,000€ seed investment round in its business. The sum invested by Butterfly Ventures and Icebreaker.vc will allow Cerenion to commercialize its C-Trend™ brain monitoring technology (pat. pend.) based on standard EEG-measurement, advanced machine learning algorithms and artificial intelligence. The C-Trend™ solution aims to reveal the status of the brain as one simple score – at the bed-side and without requiring any changes to the care of the patient.
The technology was developed at the University of Oulu, Finland, and underwent clinical studies at the Oulu University Hospital, Finland, as part of a two-year TEKES-funded business development project (2015-2017). Cerenion Oy was set up in May 2017 to become the new custodian of the technology and the vehicle for its commercialization. The company was founded by the key personnel of the original research project, all of whom are now employed by the company.
"Cerenion is a unique combination of deep research and a great complementary team that is creating a leader of a completely new category in healthcare. Their product will greatly help doctors in their work and save lives.", says Riku Seppälä, Partner, Icebreaker.vc.
"We liked the team a lot. They're a great combination of different kinds of skills and expertise. Furthermore, they're very execution focused and they have taken the case far already before the investment, both in terms of product as well as clinical validation. Superb team together with strong IP, clear market entry path and scalable business model are the ingredients that Cerenion is made of.", continues Juho Risku, Managing Partner, Butterfly Ventures.
"We are grateful for the trust shown in us by the investors today. This investment enables us to bring C-Trend to market quickly and with a view of improving intensive care for patients worldwide.", says Dr. Timo Koskela, CEO and Co-founder, Cerenion Oy.
The new funding will enable Cerenion to expand its multisite clinical study program, seek regulatory certification for its technology and bring it to market in collaboration with strategic partner companies. To date Cerenion, and the BrainICU project preceding the company, have raised over 1.1 million euros for the development of its technology and business. The prospects for Cerenion are very promising as its technology provides potentially invaluable information for the intensive care market which is estimated at 200 billion euros worldwide.
Cerenion Oy develops the world’s ﬁrst practical method for measuring the brain function of intensive care patients. Cerenion C-Trend™ technology (pat. pend.) aims to reveal the status of the brain as one simple score – at the bed-side and without requiring any changes to the care of the patient. The solution works by combining standard EEG-measurement with advanced machine learning algorithms and artificial intelligence. The technology has the potential of improving both the quality and the cost of intensive care. http://www.cerenion.com
Butterfly Ventures, founded in 2012, is the leading seed stage focused VC in the Nordics. It has 30M€ under management and has so far invested in nearly 50 companies that have to date raised 60 M€ of financing. Butterfly Ventures has offices in Oulu and Helsinki, in addition to partners located in Stockholm and the east coast of the US. http://www.butterfly.vc
Icebreaker.vc is a 20M€ venture fund and community that invests in the angel- and seed-stages in deep tech software-driven companies run by exceptional founders. Icebreaker.vc is headquartered in Helsinki, Finland. http://www.icebreaker.vc
If you would like to know more about us, or would like to arrange an interview, please contact Dr. Timo Koskela, CEO and Co-founder, Cerenion Oy. tel. +358 40 5773 706. e-mail:
Cerenion Oy has received support from the European Regional Development Fund of the European Union.
Cerenion Oy Elektroniikkatie 3 90590 Oulu FINLAND
Cerenion Oy Firdonkatu 2 T 63 00520 Helsinki FINLAND