GrayMatters Health Receives Investment from European Innovation Council (EIC) Fund
March 20, 2023
Just Six Months After Awarding GrayMatters Health a Grant of €2.5M, the EIC Demonstrates Vote of Confidence with Equity Investment in the Company
HAIFA, Israel – March 20, 2023 – GrayMatters Health (GMH), developer of digital self-neuromodulation therapies for mental disorders, announced today that the European Innovation Council (EIC) Fund, following the September 2022 grant from EIC of two and a half million euros, has expanded its involvement in the company and is now investing in GMH, with the European Investment Bank (EIB) acting as the investment advisor to the EIC Fund. Funds will be utilized for continued development of GMH’s flagship product, Prism for PTSD, a non-invasive digital therapy for use as an adjunct to standard of care treatments for post-traumatic stress disorder (PTSD) as well as a large-scale study in the EU.
Said Oded Kraft, GrayMatters Health Co-Founder and CEO, “With more than nine million Europeans living with PTSD we remain steadfast in our mission to improve the outcome of treatment and are invigorated by EIC’s additional investment as we advance development of our PTSD solution. Recognized as a company bringing breakthrough technology and game changing innovations to our field by EIC, we are eager to expand Prism to treat additional mental disorders.”
GMH is the first to use advanced statistical models to fuse EEG and fMRI data to develop biomarkers of brain-mechanism-specific activity associated with mental disorders, named EEG-fMRI-Pattern (EFP). The company’s products use these biomarkers with an interactive audio/visual interface to help patients regain control (agency) over the relevant brain activity.
The company’s flagship product, Prism for PTSD, trains patients to lower the amygdala-derived-EFP biomarker, which is associated with the amygdala and emotion regulation system, using self-neuromodulation techniques.
“The EIC Fund seeks to back top innovators in scaling up their journey,” said Hermann Hauser, EIC Fund Board member. “The Fund’s ambitious commitment, alongside other investors, is an important step to boost their development. With our investment, GrayMatters Health will continue the development of its flagship product for PTSD treatment.”
About GrayMatters Health
GrayMatters Health (GMH) develops digital self-neuromodulation therapies for mental disorders.
GMH is the first to use advanced statistical models fusing EEG and fMRI data to develop biomarkers of brain-mechanism-specific activity associated with mental disorders, named EEG-fMRI-Pattern (EFP). The company’s products use these biomarkers with an interactive audio/visual interface to help patients regain control (agency) over the relevant brain activity. GMH’s flagship product, Prism for PTSD, using the amygdala-derived-EFP, is a non-invasive digital therapy to be used as an adjunct to standard of care PTSD treatments. GMH licensed its core patented technology developed by Prof. Talma Hendler, MD, PhD, a Professor of Neuroscience and Psychiatry at Tel Aviv University and Director of the Sagol Brain Institute at the Tel Aviv Souraski Medical Center.
About EIC Fund
The European Innovation Council Fund from the European Commission is an agnostic Fund: it invests across all technologies and verticals, and all EU countries and countries associated to Horizon Europe. It provides the investment component of the EIC Accelerator blended finance. The EIC Fund aims to fill a critical financing gap and its main purpose is to support companies in the development and commercialisation of disruptive technologies, bridging with and crowding in market players, and further sharing risk by building a large network of capital providers and strategic partners suitable for co-investments and follow-on funding. The Fund pays particular attention to the empowerment and support of female founders as well as the ambition to reduce the innovation divide among EU countries.
GrayMatters Health Contact
Oded Kraft, CEO
FINN Partners for GrayMatters Health