Neuromod for Treating Depression Gets Funding Boost

Image credit: Sooma Medical

Finnish medtech, Sooma Medical has raised over $8.3 million (€5 million) to help grow patients’ access to its at-home neuromodulation device for treating depression.

The portable device uses transcranial direct current stimulation (tDCS), and is administered at home by patients to stimulate the brain and provide relief from the symptoms of depression.

It is used in conjunction with a digital platform monitored by clinicians, to enable adjustments to treatments as required.

The company said capital from the latest funding round – led by Nordic early-stage investor, Voima Ventures – would help to accelerate product development and continue its rapid market expansion, with over 20,000 patients around the world already treated using Sooma devices.

“Our innovative, drug-free treatment is designed to be easily accessible from the comfort of your own home,” said Sooma Co-Founder and Chief Executive Officer, Tuomas Neuvonen in a statement.

“We are dedicated to reaching especially those underserved by medication, or those with limited access to psychotherapy, ensuring everyone suffering from depression has access to the best possible care.”

The technology was granted Breakthrough Device Designation from the US Food and Drug Administration (FDA) in March 2023.

Check out the full announcement from Sooma for more details.