Patriots owner Kraft gets in on $28m round for neuro Dx co. ElMindA

New England Patriots owner Robert Kraft’s Kraft Group joined a $28 million Series C round of financing for neuro-diagnostics developer ElMindA.

Funds from the round will go to support ElMindA’s proprietary Brain Network Activation system which uses EEG-ERP lectrophysiology technology to provide objective assessments of brain functionality over time.

Finances from the round will also go towards commercialization of the device, which has both FDA clearance in the U.S. and CE Mark approval in the European Union.

“As an investor who has followed the advancements of the company for several years, we look forward to supporting ElMindA as it further unlocks the potential of BNA to be the preeminent market leader by offering an objective platform for brain function assessment and management of brain disorders,” Kraft said in a press release.

The BNA system uses signal processing and machine-learning algorithms of large population data to identify neuronal network activation patterns during specific brain functions such as memory or attention which can be used in clinical decision making, ElMindA said.

“We are thrilled to have attracted such a strong group of new and existing investors. This support is a testament to the vast potential of BNA technology to advance our understanding of how the brain works, and to positively impact people’s lives. We plan to bring BNA to the forefront as a significant resource to monitor and manage the health of your brain throughout the course of your life,” CEO Ronen Gadot said in prepared remarks.

In addition to The Kraft Group, the round was joined by the Shanda Group, Exford Capital, WR Hambrecht & Co., Palisade Capital Management, OurCrowd, Healthcrest AH and others, Chicago-based ElMindA said.

“ElMindA has developed a truly disruptive technology that addresses a crucial unmet need. We’re excited to help develop and promote such a unique technology that can potentially catalyze new treatment options for those affected by brain dysfunction,” Shanda Group ‘sTianqiao Chen said in a prepared statement.

“BNA’s exploration of brain function has already affected the lives of young people and their physicians in the U.S. seeking additional guidance for critical brain health decisions. It has the potential to be of value to each and every one of us in our lifetime,” WR Hambrecht & Co.’s Bill Hambrecht said in a press release.

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