Seed round will support the launch of CUE1, a novel therapy with a waiting list of more than 6000 people
Charco Neurotech, a medical technology company developing solutions for people with Parkinson's, has raised a $10 million seed investment round co-led by Amadeus Capital Partners and Parkwalk Advisors.
Charco is an award-winning Imperial startup, which is developing a medical device, CUE1, that has shown promising results for people with Parkinson's, based on over two years of research with patients and clinicians. The company raised initial funding earlier in 2021 from Imperial College Innovation Fund. The $10 million investment round, which will enable Charco to proceed with an initial product launch, expand its team and build a robust manufacturing process, is the largest European seed funding round in 2021 and among the world's ten biggest seed rounds this year.
CUE1, which is worn on the sternum, delivers two distinct clinically validated therapies: focused stimulation, and personalised 'cueing'. Together, these approaches are designed to alleviate motor symptoms, such as slowness, stiffness and freezing while walking, in people with Parkinson's.
Charco is also announcing a strategic tech partnership with the European Parkinson’s Disease Association (EPDA), a leading organisation in the global Parkinson’s community which represents Parkinson’s organisations across Europe. The company becomes EPDA’s newest Tech Partner alongside GE Healthcare and Insightec and becomes part of their wider partner community including Roche, Medtronic, Abbvie, Boston Scientific. This will support Charco’s mission to make novel therapies available to millions of people with Parkinson’s and healthcare groups, starting with the imminent launch of CUE1, which has already registered interest from over 5000 patients.
Lucy Jung, CEO and Co-founder of Charco, said: "In the past two years of working with Parkinson's patients to develop CUE1, we've seen the difference the device can make. I am pleased that with this funding round, we'll be able to get initial launch products into people with Parksinson's hands."
Dr Simon Hepworth, Director of Enterprise, Imperial College London, said: "We're delighted to see the progress Charco Neurotech has made since it was founded in 2019, and proud that Imperial has supported the company throughout its journey. This substantial seed investment is a ringing endorsement of Charco's passionate founders and the company's promising technology, which could transform the lives of Parkinson's patients."
Charco and Imperial College London
Charco Neurotech has been supported by Imperial’s entrepreneurial ecosystem, including the Medtech SuperConnector and the White City Innovators Programme, as well as working with the Enterprise Lab and the Imperial Venture Mentoring Service.
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