EyeBrain raises €1.3 million ($1.47 million) through crowdfunding

Feb 4 2015

The financing, one of the largest amounts ever crowdfunded by a start-up in France, also enjoys support from the regional joint investment fund for the Greater Paris area and from Eyebrain’s historical shareholders

EyeBrain, a company that develops markers of cerebral function for neurological and psychiatric disorders and diseases, today announces the conclusion of a new round of funding. A total of €1.3 million ($1.47 million) has been raised with the support of EyeBrain’s shareholders, the Fonds Régional de Co-Investissement d’Ile-de-France (FRCI, regional joint investment fund for the Ile-de-France or Greater Paris area) and the Anaxago crowdfunding platform. The FRCI has an exclusive partnership with the crowndfunding platform.

This is one of the largest amounts ever raised through crowdfunding by a start-up based in France.

The total raised in this round of funding demonstrates the public interest in health care and the specific neurological and psychiatric disorders that EyeBrain targets. The company develops tools based on the analysis of eye movements, making it possible to test specific regions of the brain. These devices address a gap in the range of diagnostic tools used in neurology and psychiatry. In just 20 minutes and for less than the cost of imaging, EyeBrain’s devices can provide an additional diagnosis with quantifiable, objective results. The device offers a non-invasive alternative to examination techniques such as blood tests or lumbar punctures.

This third round of funding will help EyeBrain to continue the development of its diagnostic products for neurological and psychiatric disorders such as attention deficit hyperactivity disorder (ADHD) and schizophrenia. EyeBrain also intends to boost its sales presence in Europe. Previously, the company raised €1.2 million ($1.36 million) in 2009 from funds managed by CapDecisif Management and from investment fund G1JIDF, then €3.3 million ($3.74 million) in 2012 from its historical investors and Octalfa, Sudinnova and CM-CIC Capital Innovation.

“Our latest round of fundraising has proved exceptional in terms of the interest that it has generated, particularly from individuals,” said Serge Kinkingnéhun, CEO of EyeBrain. “The amount raised has exceeded our initial target and means that we can approach this new year with quiet confidence.”

EyeBrain devices in routine clinical use are already providing physicians with information to support early characterization of Parkinsonian syndromes (such as MSA, PSP and CBD), as well for the follow-up of multiple sclerosis and dyslexia. The EyeBrain Tracker devices are the only ones of their kind to have obtained the CE mark for medical use. In France, the cost of the ocular motor function examination is covered by the social security system.

“In purchasing a stake, individuals are taking their medical future in their own hands by investing in companies that they consider to be important for their health,” said Joachim Dupont, chairman of Anaxago. “This long-term investment also helps them to drive performance in the medical world.”

“The FRCI has taken the opportunity of this round of fundraising to take an equity stake in EyeBrain,” said Catherine Boule and Yvan-Michel Ehkirch, partners at CapDecisif Management. “We are keen to support the growth of this business which develops solutions that address population aging and the lack of diagnostic tools in pediatrics.”