RedSeed Ventures financially supports the innovative SME with 2.5 million Euro.
New partners are joining Pasquale Fedele, the inventor of BrainControl, who gained a total of 2.5 million Euro in a round of funding led by the Italian based investment firm RedSeed Ventures.
"We are very satisfied. The Brain Computer Interface technology is a very promising field of research. Italy has world-renowned researchers and we are proud to allow excellences, such as BrainControl, to receive the necessary capital to continue its growth and to generate a strong social impact for the whole community," said Elisa Schembari and Roberto Zanco, Managing Partners of RedSeed Ventures.
BrainControl was founded in 2010 with the aim of allowing patients in a locked-in condition, in which the patient is conscious and awake but can neither move nor communicate, to interact through the use of a helmet that can perform an electroencephalogram and a tablet. The proprietary software is based on the Brain-Computer Interface (BCI), which is applied to the helmet and which works as a kind of "mental joystick" operated by brain stimuli. The technology interprets the electrical map corresponding to certain brain activities, allowing it to be used to control external devices. In addition to BCI technology, the device has other biometric sensors which make the product able to assist the patient during all phases of the disease.
More than 140 million people in the world live with paralysis caused by degenerative neuromuscular diseases, ischemia, trauma and other causes. The technologies currently available on the market, offer effective solutions during some phases of these diseases but which become unusable as they progress.
BrainControl has already obtained the CE marking as a medical device and has been tested in a clinical study. Thanks to these results, the product is already on the market and is currently used by patients in healthcare facilities or at home.
Liquidweb is the innovative small-medium size company operating in the ICT sector, which is specialized in the creation of products based on human-machine interaction with focus on Artificial Intelligence.
RedSeed Ventures is the investment company founded and directed by the two Managing Partners Elisa Schembari and Roberto Zanco. The company, which has been founded less than five years ago, has a portfolio of six innovative start-up/small-medium size companies which all operate in highly technological sectors.