Medical technology company Sapiens Steering Brain Stimulation has secured a further €7.5 million (£6.6 million) investment to add to the Series A funding it began in 2011.
Holland-based Sapiens began its fundraising efforts back in 2011 when the business, which is a spin-off from Philips Research, was backed through a round led by Wellington Partners and Edmond de Rothschild Investment Partners.
The €13 million round was then first added to in November 2011 when the Wellcome Trust contributed €3.5 million. INKEF Capital has now stepped in as a new backer and injected €7.5 million.
Sapiens will use the capital it has secured to further develop its Steering Brain Stimulation impact and procedure applications which are used to treat Parkinson’s disease and other functional brain disorders.
Deep brain stimulation works through the delivery of mild electronically pulses to specific areas of the brain via an implanted lead that is connected to a batter-powered implantable pulse generator.
The business has also secured investment from The Michael J. Fox Foundation, which was set up by American actor Michael Fox after he was diagnosed with Parkinson’s Disease. The venture has, as of numbers in 2011, invested $270 million in research.
As part of the deal, Frank Landsberger, founder of INKEF Capital, is joining the Sapiens board. He will join Wellington Partners general partner Regina Hodits, who gained a seat when the venture capital firm first became involved in 2011.
Siaak Deckers, co-founder and CEO of Sapiens, comments, ‘Sapiens is pleased to welcome INKEF Capital as a new investor and Frank Landsberger joining our advisory board.
‘He brings a wealth of international experience. INKEF’s investment is a further recognition of the therapeutic and commercial potential of Sapiens’ steering DBS [deep brain stimulation] technologies, and shows the confidence that investors have in our team and our ability to successfully introduce our products on the market.