Led by Ally Bridge Group and with the help of its existing shareholders, venture-backed Ceribell, Inc. has raised $50 million.
The funding was structured as an extension of its $53 million Series C raise, which was announced in April 2021.
WHAT IT DOES
Ceribell developed a rapid response electroencephalography (EEG) system to make diagnosing neurological patients more efficient. It says that its technology platform addresses the need to diagnose patients suspected of having a seizure more quickly by using its brain monitor for point-of-care seizure triage.
The company will use the funding to support its ongoing commercial expansion in emergency departments and intensive care units.
Additionally, the allocation will allow Ceribell to continue leveraging machine learning and improve EEG accessibility for other neurological conditions beyond seizures.
“Based on our progress to date, it is clear that the Ceribell Rapid EEG system is improving the quality of care seizure patients receive in the hospital. We look forward to continuing to bring this novel technology to more ICUs and emergency departments, as well as developing diagnostic and monitoring solutions for additional neurological indications impacting the lives of critically ill patients,” Ceribell’s cofounder and CEO Jane Chao said in a statement.
MARKET SNAPSHOT
Earlier this month, Ceribell announced it has received FDA Breakthrough Device Designation to use machine learning to analyze EEG waveform data to detect evidence of delirium.
The Breakthrough Device Designation isn’t a marketing approval from the FDA, but it aims to accelerate the review of products that could help treat debilitating or life-threatening conditions. The program aims to promptly provide patients and providers with access to medical devices and preserve the statutory standards for the 510(k) clearance. Ceribell’s EEG system has received four 510(k) clearances, with the first coming in 2017.
Another company in the seizure-detection and care space is Epitel, which raised $12.5 million in Series A funding earlier this year to commercialize its wearable EEG system. Zeit is developing a stroke and seizure-detection headband, and picked up $2 million in late 2021.
