Vienna/Klosterneuburg, September 30 2022: Newly founded Neurotech startup Brightmind.AI, led by founders Florian Lerchbammer-Kreith and Tamara Gerbert, has announced a foundational pre-seed investment in the company by venture fund IST cube.
This initial investment, together with a €800k grant (“Seed”) awarded by the promotional bank of the Austrian federal government (aws) yesterday, will equip the Brightmind.AI team with funding to embark on their mission to bring the world’s first self-learning non-invasive brain stimulation (NIBS) wearable to everyday life, with a first product aimed at migraine patients. The goal is a reduction in the number of attacks by over 50 %, applying a user friendly and safe therapy headset for a short period every day.
“25% of the over 80 million migraineurs in the US and Europe are in dire need of an alternative to pharmaceuticals due to ineffectiveness or intolerance – and we will be able to offer that”, says Tamara Gerbert, Neuroscientist and CTO of Brightmind.AI and adds: “Since every brain is unique, we are particularly excited about the ‘closed-loop’ approach to continuously improve efficacy via personalization.”
Ingrid Kelly, Partner at IST cube, commented “NIBS protocols are highly efficacious treatments for neurological and psychiatric disorders that are currently only available to small numbers of affluent patients in selected hospitals and clinics. We endorse Brightmind.AI’s vision to make these therapies affordable and accessible to everyone who could benefit. Brightmind.AI, with its high caliber founder team, is thus a great addition to our growing portfolio of Neuroscience and Neurotechnology oriented startups.”
Brightmind.AI is an Austrian MedTech startup founded in 2022 that brings clinically proven, self-learning neuromodulation to everyday life. With its ‘closed-loop’ non-invasive brainstimulation technology, Brightmind.AI personalizes stimulation to brain wave oscillations of the individual and directly measures biofeedback to continuously improve efficacy of therapies to the central nervous system. The competitive advantage is based on this continuous learning cycle and proprietary designs of a brain recording compatible effective stimulation technique.
About IST cube
IST cube is a venture fund with focus on start-ups with an academic background, as well as young high-tech companies. The fund invests in pre-seed and seed phases and has the possibility to participate in further investment rounds. The IST cube team supports portfolio companies beyond providing capital with know-how and access to an extensive network. IST cube has a strong partnership with IST Austria, whose scientific infrastructure is also accessible to start-ups.
IST cube is supported by InnovFin Equity, with the financial backing of the European Union under Horizon 2020 Financial Instruments and the European Fund for Strategic Investments (“EFSI”) set up under the Investment Plan for Europe. The purpose of EFSI is to help support financing and implementing productive investments in the European Union and to ensure increased access to financing.