Frontier IP Group PLC (LON:FIPP) said inSignals Neurotech, in which it holds a 33% stake, has received a €100,000 investment from Portugal Ventures, a leading Portuguese venture capital firm.
The intellectual property investor said inSignals will use the funds to accelerate the validation and development of its patented technology to aid deep brain stimulation surgery on patients suffering from Parkinson’s disease as well as other applications in neurology.
The funds will also allow inSignals to expand preliminary clinical trials, strengthen its intellectual property position and grow its team, Frontier said, adding that the investee is entering collaboration agreements to extend multi-centre clinical studies in Portugal, the Netherlands, Germany and Spain.
inSignals, a spin out from the Portuguese Institute for Systems and Computer Engineering, Technology and Science with the support of São João University Hospital, part of the University of Porto, develops wireless wearable devices to precisely measure wrist rigidity to help surgeons place brain implants more accurately to achieve the best clinical results during surgery.
The investment from Portugal Ventures forms part of the firm’s Call INNOV-ID initiative, which is focused on investing in science and technology projects or companies in pre-seed, seed or early stage where the technology is still at a prototype, proof of concept or product market fit validation stage. The initiative was launched in response to a request from the Portuguese government to support technology companies through the coronavirus (COVID-19) pandemic.
“We are delighted inSignals has been able to attract this investment from one of the major venture capitalists in Portugal. It provides a strong endorsement of the company and the potential of its technology, which is already attracting interest from leading neurologists across Europe”, Frontier IP chief executive Neil Crabb said in a statement.