Funding

[Funding alert] Helsinki-based Sooma Raises €5 Million in Funding

Mar 12, 2024 | By Startup Rise EU

Sooma Medical, the leading provider of effective brain stimulation treatments for psychiatric and neurological disorders raises €5 million in funding. The round was led by the Nordic early-stage investor, Voima Ventures, which specializes in supporting science-based solutions.

Sooma Medical, the leading provider of effective brain stimulation treatments for psychiatric and neurological disorders raises €5 million in funding. The round was led by the Nordic early-stage investor, Voima Ventures, which specializes in supporting science-based solutions.

The funding marks a new phase of growth for Sooma in its ambitious mission to improve worldwide access to depression treatment and provide hope and efficient care for those facing mental health challenges. Depression is a leading cause of disability globally, affecting hundreds of millions of people, with approximately 300 million sufferers worldwide, according to WHO.

Current treatment options like antidepressants and psychotherapy have limitations, such as unsatisfactory responses and unwanted side effects for many patients and limited availability due to scarce resources and long waiting times.

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Sooma is leading the global fight against depression by offering a flexible and accessible treatment solution, Transcranial Direct Current Stimulation (tDCS), through its portable neuromodulation device.

tDCS uses a mild electrical current to stimulate the brain and alleviate depression symptoms without the need for pharmaceuticals. Sooma’s treatment targets the brain and relieves symptoms without causing systemic side effects commonly associated with antidepressant medications.

Sooma’s prescription-only therapies can be used as a standalone treatment or in combination with other treatment types. It is also one of the few brain stimulation therapies patients can safely administer at home.

Tuomas Neuvonen, co-founder and CEO of Sooma said, “Everyone battling depression deserves a chance at a brighter tomorrow. Our innovative, drug-free treatment is designed to be easily accessible from the comfort of your own home. 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,”.

Sooma’s portable neuromodulation system is paired with a digital platform allowing clinicians to remotely monitor treatment adherence and tailor the treatment to individual needs, regardless of the patient’s location. It also enables clinicians to manage multiple patients at once,enhancing the effectiveness of treatment and improving healthcare efficiency and scalability.

Sooma collaborates closely with leading medical experts and practicing clinicians to develop effective treatment solutions and help health systems treat more patients. Sooma’s devices are manufactured in Finland to meet strict quality management and regulatory standards.

Notably, in September 2023, Sooma became the first tDCS device manufacturer to receive European MDR certification (EU Medical Device Regulation).

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Now with the new funding, Sooma is set to help more patients globally by accelerating product development and continuing rapid expansion into new and existing markets. The funding round was led by renowned Nordic early-stage investor Voima Ventures, which specializes in supporting science-based solutions.

It was joined by the Singapore-based Verge HealthTech Fund, exclusively investing in impactful and global healthcare technologies at the earliest stages, as well as existing investor Stephen Industries, a Helsinki-based family office investing in HealthTech and other impactful technology solutions.

Inka Mero, Founding Partner of Voima Ventures said, “Sooma is changing how we tackle depression worldwide. Their at-home brain stimulation therapy offers a powerful way to help people without the need for drugs or the risk of side effects or addiction. I’ve seen firsthand how amazing this technology is across various patient groups, and it’s wonderful to be part of their journey to bring this to more people globally. The battle against depression is only beginning, and it’s time that we start making a change,”.

Apart from funding, Sooma also recently received an FDA Breakthrough Device Designation. This designation is reserved for novel therapies that show significant potential to provide a substantial improvement over existing options for severe or life-threatening conditions.

Neuvonen said, “The FDA Breakthrough Device Designation acknowledges Sooma as a crucial missing component in depression treatment in the US, opening us a unique opportunity to help millions of people suffering from depression. Gaining FDA approval would not just open up the therapy for patients throughout the US but also serve as a stamp of approval for regulators around the globe. We are committed to making our treatment accessible to patients in need worldwide as quickly as possible,”.

About Sooma Medical

Founded in 2013, Sooma is a Finnish medical device company specializing in non-invasive brain stimulation devices for neurological and psychiatric disorders. Sooma works closely with leading medical experts to develop effective treatment solutions.

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