iota Biosciences, a Berkeley, Calif.—based developer of implantable bioelectronic devices, completed a $15m series A funding round.
Backers included Horizons Ventures, Astellas, Bold Capital Partners, Ironfire, and Shanda.
The company intends to use the funds to accelerate commercialization of its millimeter-sized ultrasonic devices.
Founded in 2017 co-CEOs Jose Carmena, Ph.D. and Michel Maharbiz, Ph.D., iota holds exclusive rights to neural dust technology developed by researchers at UC Berkeley, which offer potentially revolutionary therapeutic applications for numerous chronic conditions from inflammation to motor disorders and eventually to cognitive impairment.
Powered by ultrasound, the platform enables the company to produce devices the size of a grain of sand that avoid the dangers associated with wire- and battery-powered implantables. Because they are smaller and can be implanted deeper into the human body than traditional technologies, neural dust can interface directly with specific nerve clusters, enabling more precise diagnostics and treatments. iota’s devices can simultaneously record information and stimulate nerves, offering 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 business development and scientific leadership experience in the life sciences industry, as Senior Vice President of Corporate Business Development.
Before iota, Hattersley held senior business development roles at Santen Pharmaceutical Co. LTD, Adherium LTD., Nektar Therapeutics, and Sun Pharma Industries.
FinSMEs
28/12/2018