Venture capital firm Wellington Partners and Edmond de Rothschild Investment Partners have raised €13 million (£11.5 million) Series A financing round in medical device company Sapiens.
Venture capital firm Wellington Partners and Edmond de Rothschild Investment Partners have raised €13 million (£11.5 million) Series A financing round in medical device company Sapiens.
The funds will be used to develop Sapiens’ brain stimulation system and software, and regulatory approval in Europe. The company is a spin-off from Philips Research and has offices in Eindhoven, the Netherlands, and Munich, Germany.
Additional financing came from Life Sciences Partners.
Philips and NeuroNexus Technologies will become minority shareholders in Sapiens as a result of their contribution to Sapiens’ system and technologies.
The founders Michel Dacre, Hubert Martens and Sjaak Deckers have led the work on deep brain stimulation (DBS) within Philips Research.
DBS is used for the treatment of Parkinson’s diseases, dystonia, obsessive compulsive disorders and epilepsy. It relies on the delivery of mild electrical impulses to specific areas in the brain via implanted probes connected to an implantable pulse generator.
Sapiens is developing an MRI-compatible DBS system comprising implants with navigation and steering software, enabling precise, targeted stimulation of small brain structures.
Regina Hodits from Wellington Partners comments, ‘Sapiens’ integrated approach of steering neuro modulation not only offers significant advantages to patients, physicians and payors, but the advanced stage of the technology, based upon significant developments within Philips Research also makes it an attractive investment opportunity.’
In line with the new financing, five new members have joined the board of directors at Sapiens, including Hans Barella, former CEO of Philips Medical Systems, who has been appointed chairman.
Wellington Partners has some €800 million under management and invests in companies in the areas of digital media, technology and life sciences.
