Iota Biosciences, a Berkeley, California based developer of implantable bioelectronics devices, has now secured $15 million in the funding round of Series A. The investors include the Astellas, Bold Capital partners, Ironfire, Shanda, and Horizons Ventures.
The company as of now has a plans to use the funds to accelerate the commercialization of its millimeter-sized ultrasonic devices.
The company which is founded by the Jose Carmena and Michel Maharbiz in the year 2017. Iota holds some of the exclusive rights to the neural dust technology which is developed by the researchers at the UC Berkeley, which provides the potentially revolutionary therapeutic applications for the numerous chronic conditions from the inflammation to the motor disorders and eventually to impairment the cognitive enterprises.
The company which is powered and supported by the ultrasound, the platform enables the company to produce devices the size of a grain of sand that avoids the dangers associated with wire and battery powered implantable. Because they are smaller and can be implanted deeper into the human body than the traditional technologies, neural dust can interface directly with the help of specific nerve clusters, that enables the more precise diagnostics and treatments.
Iota devices can simultaneously record information and stimulate the nerves, that offers the near instantaneous closed loop therapies that could better treat complex disease from the inside out.
The company has also named James Hattersley, a seasoned business development executive with over 25 years of scientific leadership excellence and business development in the life science industry as Senior Vice President of Corporate Business Development.
Before the Iota, Hattersley held Senior Business Development roles at the Santen Pharmaceutical Co Ltd, Nektar Therapeutics, Sun Pharma Industries, and Andherium Ltd.
“The idea at first was to have free-floating motes in the brain with RF [radio frequency] powering them,” Carmena said. “There was a meeting at which everything died, because we were like two orders of magnitude away from what we needed. The physics just weren’t there,” he recalled. “So were like, ‘I guess that’s it!’ ”
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