Neuro Event Labs (NEL) will use €1.9M EU Horizon 2020 grant to become the standard of care in epilepsy diagnostics. The competitive EU Horizon 2020 grant was only awarded to 1,4% of applicants. The jury highlighted the novelty, clear unmet need in the market, timing, and improvements over the current state of the art.
Epilepsy is one of the most common neurological disorders, affecting over 65 million people worldwide. To provide optimal treatment, it’s crucial to be able to define the type and frequency of seizures. 1⁄3 of diagnosed epilepsy patients suffer from uncontrolled seizures. Uncontrolled seizures are treatable using available treatment methods. Seizure management requires proper disease diagnosis. Currently, diagnosis relies on subjective and unreliable methods that results in high misdiagnosis.
COVID-19 has burdened the healthcare systems and challenged epilepsy care. The healthcare system needs digital and remote solutions to help patients. NEL offers exactly that through Nelli®. Nelli® is a clinically tested, remote diagnostic aid that provides objective, automated, cost effective seizure event detection and classification for doctors. It is used in the patient’s home which is crucial in these times of the coronavirus crisis. It interprets patient behaviors, movements, and sounds to provide seizure event information. All this without long waiting times for data analysis or high-risk visits to the hospital.
“There is a growing global need for objective and accurate epilepsy diagnostics to improve accuracy of epilepsy diagnosis but also individualize and optimize treatment of epilepsy patients. Nelli® disrupts the current methodology, well over a century’s old visual inspection, by bringing AI to the hands of doctors. This completely revolutionizes epilepsy,” explains Neuro Event Labs CEO Kaapo Annala.
Neuro Event Labs has been selected in a new venture capital fund founded by leading Finnish technologists. The fund invests 500,000 Euros in the company. This complements an investment of 100,000 Euros by OmaMedical and 1.3 million Euros made by Business Finland, a Finnish national growth acceleration organization. The new fund being established, Maki․vc, will become a major Nordic venture capital fund with up to 70 million Euros (approx․ 86 million USD) total fund size.
Finnish Health Tech company Neuro Event Labs has raised €3.9 million from Hadean Ventures, SHS Capital and Maki.vc to support the commercial expansion of their lead product Nelli™. Neuro Event Labs offers significantly more personalized, accurate and scalable diagnostics to treat up to 65 million epilepsy patients worldwide, responding to the increased demand for remote healthcare solutions.
Neuro Event Labs’ CEO Kaapo Annala was interviewed by Good News In Finland, a journal dedicated to Finnish innovations and technologies. In this in-depth interview, Kaapo walks us through our innovation Nelli, technologies behind it and most importantly, how it helps doctors to provide better, individualized treatment of patients. Good News In Finland: Neuro Event Labs reduces guesswork in neurology