- Epitel recently announced that it has raised $12.5m in Series A funding. Those are the details.
Epitel – a digital health company developing a wearable wireless EEG monitoring platform for seizure detection – recently announced the closing of a $12.5 million Series A funding for initial pilot commercialization and further development of its proprietary platform. And Epitel has received FDA clearance for its first product, a wireless, wearable brainwave monitor (EEG) sensor and remote access software known as REMI for use in wards. hospital emergency and intensive care units. REMI first received clearance from the United States Food & Drug Administration in 2021.
Approximately two-thirds of the US population do not have ready access to EEGs, and most emergency departments lack the capacity to properly monitor EEGs (Ward et al., 2012. Neurocrit Care. 16(2 ):232-40.) And REMI – the first FDA-approved product – solves this problem with wearable, wireless sensors that can be applied quickly and easily by a nurse or hospital technician. Then, the EEG data is immediately connected to a cloud-based software platform available to neurologists to review and monitor seizures anytime and from anywhere. Since the Epitel system is portable and wireless, it can keep monitoring the patient continuously for 48 hours during their stay in the hospital.
Catalyst Health Ventures (CHV) and Genoa Ventures co-led the Series A funding with participation from Dexcom and OSF Ventures. And Wavemaker 360, MedMountain Ventures and Salt Lake City Angels also participated in the round. As part of the closing, Vikram Chaudhery, Ph.D., of Genoa Ventures, and Joshua Phillips of CHV were appointed to the board. Andy Rasdal, founding CEO of Dexcom, and Kim Kamdar, Ph.D., of Domain Associates join the board as executive chairman and independent director respectively. Prior to Series A, the company was primarily funded by grants from the NIH and the Epilepsy Foundation totaling more than $7.5 million.
“Epitel’s first FDA-cleared product, REMI, has the potential to revolutionize the diagnosis, treatment and management of crises within the hospital. With Epitel, patients, regardless of their geography, can have access to essential EEG during the most critical moments when they need it. We intend to further expand our product portfolio for use outside of the hospital by people living with epilepsy and other epileptic conditions. We are honored to have the support of Catalyst Health Ventures, Genoa Ventures and a strong investment syndicate in our first funding.
— Mark Lehmkuhle, Ph.D., CEO of Epitel
“It’s time for EEGs for the brain to become as accessible as ECGs for the heart to patients across the country. For too long, essential neurological services have been inaccessible to a large part of our population. Genoa Ventures is thrilled to support Epitel on its journey to become the leader in remote crisis management and transform the way clinicians monitor and diagnose seizures in emergency, intensive care, ambulatory and home care departments. More importantly, we were excited about Epitel’s potential to have a broad impact in all of these settings and change the way we think about long-term brain health management. »
— Dr. Chaudery, Director at Genoa Ventures
“We are delighted to partner with the Epitel team to support the bringing to market of this disruptive technology. Epitel’s technology platform stands out as the first EEG system capable, with further development, of more seamlessly supporting a seizure patient from hospital to home while integrating into existing workflows of the doctor and hospital. With Epitel, the future is brighter for people living with acute and chronic neurological diseases.
— Joshua Phillips, CHV Managing Partner