17 Oct 2017 | 04.57 pm
Weight Loss Headset Grabs €1.4m On Indiegogo
Neurovalens pioneers 'careabale technology'
17 Oct 2017 | 04.57 pm
A 60-day Indiegogo campaign has raised almost €1.4m for Belfast-based Neurovalens, whose weight loss headset, Modius, has wowed buyers and investors on the crowd-funding site.
It is the most successful fundraising campaign ever run by a Northern Ireland company on the Indiegogo platform. The original target for Modius was exceeded by a factor of 3,000%.
Modius is a headset which helps people achieve leaner bodies. It works by stimulating the vestibular nerve, which connects to the hypothalamus. The hypothalamus is the area of the brain that controls body weight and appetite, and vestibular stimulation has been shown to influence body weight.
Founded by Dr Paul McGeoch and Dr Jason McKeown in 2015, the company is run from offices in Belfast and San Diego, California. To date, Neurovalens has raised €1.6m in VC funding.
The Indiegogo campaign, which raised money from more than 4,000 customers in 84 countries, has been hailed as an outstanding success by Neurovalens’ early investor, Techstart NI. Jamie Andrews of Techstart said: “This is a highly ambitious company, employing top talent and offering truly global potential. It faces an exciting future and we look forward to supporting Neurovalens on its journey.”
Neurovalens chief executive Jason McKeown (pictured) said: “We see Modius as the first generation of ‘careable technology’, in our case helping people get lean through stimulation of the vestibular nerve. We know we can help adults with weight loss and weight management. We think we’re in the early foothills of a neuroscience-led revolution in global health.”
The Neurovalens team has started shipping headsets worldwide and its recently launched ModiusLife community will support users by providing inspiration, motivation, and information on nutrition and exercise.
Neurovalens will use the funds raised for:
- Investing in additional research to further develop Modius
- Further development of the ModiusLife community to support users in a motivational and inspirational environment in order to improve their lifestyle and help them achieve the leaner, healthier bodies they desire.
- Showcasing the product at leading global events including the Consumer Electronics Show.
Marketing to date has focused on the US and the UK, and involves a network of sports and medical influencers who support Modius including TV medic Dr Pixie McKenna and former international rugby player Stephen Ferris.