Neuromod Devices has closed a €30 million financing round to increase the accessibility of the Lenire® tinnitus treatment device

Neuromod Devices is a medical technology company based in Dublin, Ireland. The company was founded in 2010 by Dr. Ross O’Neill, and its mission is to develop innovative solutions to treat chronic tinnitus, a condition characterized by a persistent ringing or buzzing in the ears.

The company raised a reported €30m in funding split evenly between venture debt funding from the European Investment Bank and new equity investment led by Italian life sciences specialist Panakès.

Neuromod’s flagship product is called Lenire, which is a non-invasive medical device designed to alleviate the symptoms of tinnitus. Lenire works by delivering electrical stimulation to the tongue and the ear simultaneously, which has been shown to reduce the perceived loudness and annoyance of tinnitus in clinical trials.

Lenire is designed to be used for one-hour daily sessions over a 12-week period. During each session, the user listens to a sequence of audio tones through earphones while also receiving electrical stimulation to the tongue via a small electrode array. The device is controlled by a handheld controller that allows the user to adjust the intensity of the stimulation and to choose from different audio programs.

The funding will help further expansion in Europe with the company planning to enter new markets in Italy, the Netherlands, Portugal and Sweden, as well as funding next-generation product development. Neuromod has also been conducting research into other conditions that may be treated using neuromodulation, including chronic pain and stroke rehabilitation.

Neuromod has received funding from several sources, including the European Investment Bank and the Irish government, and has won several awards for its innovative technology. The company has also partnered with leading academic institutions and medical centers to further its research and development efforts.

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