Motif Neurotech announced today an oversubscribed Series A financing of $18.75 million led by Arboretum Ventures.
HOUSTON--(BUSINESS WIRE)-- Motif Neurotech, a neurotechnology company developing minimally-invasive bioelectronics for mental health, announced today an oversubscribed Series A financing of $18.75 million led by Arboretum Ventures, with participation from new investors KdT Ventures, Satori Neuro, Dolby Family Ventures, re.Mind Capital, individual investor Max Hodak and existing investors Divergent Capital, TMC Innovation, PsyMed Ventures, Empath Ventures and Capital Factory.
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To-scale rendering of the prototype Motif DOT microstimulator used in their first-in-human and large animal studies. (Photo: Business Wire)
Proceeds from the Series A financing will be used to advance the development of Motif’s lead product, DOT microstimulator, a miniature brain pacemaker designed to precisely stimulate the brain to restore healthy circuit activity to treat mental health disorders. The initial indication Motif is pursuing for the device is treatment-resistant depression (TRD), a form of major depressive disorder (MDD) that is resistant to anti-depressant medications.
“Minimally-invasive bioelectronics are the future of mental health treatment,” said Jacob Robinson, CEO & Founder, Motif Neurotech. “30% of patients with depression don’t respond to two or more medications, and there is a significant need for additional treatment options that are effective and easily accessible. The DOT microstimulator is a wireless, battery-free device designed to be implanted in a 20-minute outpatient procedure with the capability for at-home therapy. This round of financing will allow us to bring this technology into a clinical study for patients with TRD.”
“We believe Motif’s device will greatly improve the quality of life for patients who have been diagnosed with difficult to treat mental health disorders, including TRD,” said Tom Shehab, managing partner of Arboretum Ventures. “We are proud to lead this round of financing with this world-class team.”
Amy Kruse, chief investment officer of Satori Neuro and Tom Shehab will join the Board of Directors at Motif Neurotech, alongside Anthony Arnold, and Jacob Robinson.
About Motif Neurotech
Motif Neurotech is pioneering wireless minimally-invasive neuromodulation therapeutics for mental health. The company’s lead product is a miniature implant in development for treatment resistant depression. Motif’s implant is enabled by wireless magnetoelectric power transfer technology developed at Rice University and founded by Rice Faculty Jacob Robinson, Kaiyuan Yang, and physicians Sunil Sheth, and Sameer Sheth. For more information visit www.motifneuro.tech. Follow us on LinkedIn and Twitter @motifneuro.
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Source: Motif Neurotech
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To-scale rendering of the prototype Motif DOT microstimulator used in their first-in-human and large animal studies. (Photo: Business Wire)
Rendering of the components of the prototype Motif DOT microstimulator include electronic components that regulate the stimulation, a small magnet, and two magnetoelectric films that enable efficient wireless data and power transmission. (Photo: Business Wire)
Rendering of the prototype Motif DOT microstimulator used in first-in-human and large animal studies. The assembled device is only 9 mm across, approximately the size of a pea. (Photo: Business Wire)
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