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Imperial College London start-up raises $10M to advance wearable device for Parkinson’s patients

By Jesse Schwartz
Published: November 23rd, 2021

A start-up from Imperial College London (ICL) has raised $10 million in seed funding to commercialize a wearable device that alleviates symptoms of Parkinson’s disease.

Charco Neurotech’s discrete, non-invasive device known as CUE1 is worn on the sternum and delivers individualized peripheral nerve stimulation to treat motor symptoms such as stiffness, slowness and freezing while walking.

The start-up has also created a CUE1 app that tracks patient symptoms, treatment adherence and quality of life measures. The app is designed to further reduce symptoms while allowing clinicians to monitor their patients’ progress in real time.

“Parkinson’s symptoms go way beyond tremors or freezing. It slowly takes away simple pleasures in life,” says Lucy Jung, co-founder of Charco. “We conceived CUE1 to give patients their lives back.”

The $10 million seed funding round was led by Amadeus Capital Partners and Parkwalk Advisors, with participation from University of Tokyo Edge Capital Partners, MINT Venture Partners, and existing investors including Crista Galli Ventures.

“This funding will enable us to proceed with our first, limited launch, while we work to ensure our manufacturing line is robust and produces consistent high-quality devices,” says Jung. “We’ll be able to expand our team, particularly in customer support, so we can help every user of the CUE1 set up their device and get the greatest possible benefit from using it.”

Martin Glen, director of Parkwalk Advisors, comments, “Parkwalk is delighted to be able to make an investment into Charco, following on from the earlier investment by the Imperial College Innovation Fund investment last year, as the company has made impressive progress with its efforts to develop a non-invasive wearable device to improve the quality of life for people with Parkinson’s.”

Source: Private Equity Wire

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