Sooma Medical to get €1.25 million in funding.
Sooma Medical Ltd, a Helsinki, Finland-based medical company developing non-invasive brain stimulation devices for treatment of neurological and psychiatric disorders, announced completing a €1.25 million ($1.4M) capital funding.
The money comes as a combination of equity and a non-refundable grant. The equity totals €1 million and was provided by Finnish and Italian Angels members. Business Finland backed the grant of €250k.
Sooma Medical, founded in 2013 and led by CEO Tuomas Neuvonen, aims to provide better care for depression and chronic pain through a depression therapy technology that modulates neuronal activation in the frontal areas of the brain.
The therapy provides a faster and more effective recovery from depression than antidepressant medication and is not associated with any serious or systemic side effects, making it a safe and effective treatment for situations when medication cannot be used. The painless therapy can be self-administered by the patient at home, and after about three weeks of completing one 30-minute session per day, Sooma's solution helps more than 60% of patients to obtain a treatment response, reducing the symptoms of their depression, with more than 20% of patients reaching full remission, even starting from severe depression.