IST cube Leads Seed Round Investment in Vienna-based Neurotech Company MyMind
MyMind is developing a unique EEG-mediated neurofeedback training device for children with autism and ADHD
Coinciding with the start of Autism Awareness Month, MyMind announces the completion of a seed financing round led by Austrian venture fund IST cube. The investment will enable MyMind to expand access to its advanced neurofeedback training device and prepare for further clinical trials. MyMind is the ninth startup in which IST cube has invested.
MyMind was founded in 2018 by Christof Goetz and Christine Hartlieb-Goetz to combine gamification and neurofeedback for home-based training of patients with autism spectrum disorder (ASD). Neurofeedback using real-time EEG is an evidence based method of self-regulation of brain activity, which is associated with improvements in a wide range of parameters such as concentration and relaxation. The company has developed a proprietary wearable EEG device for use with its training app (Brain Hero®), and is collaborating with academic groups and clinicians worldwide to apply machine learning to EEG readouts for personalized diagnosis, therapy and monitoring. MyMind has been awarded the Best of Biotech award for digital in 2019 and successfully been granted several research grants for the development of digital therapeutics for children within the Autism Spectrum.
MyMind aims to achieve EU medical device certification by Q4 2021, which will allow children with ASD to use the service. In addition, the company is planning larger scale clinical trials, one addressing children with ASD and a later one, addressing children with ADHD, in which neurofeedback training will target individual brain activity abnormalities in each patient. The trials will facilitate the extension of the medical certification to include the personalized training approach.
Ingrid Kelly, Principal at IST cube, comments on the investment: “MyMind has made extraordinary progress in its first few years of existence, under the capable leadership of Christof Goetz. We are confident that the passion and technological expertise of the team will continue to drive development of innovative solutions for neurodevelopmental and neurological conditions. Through MyMind and its Brain Hero® product, families affected by ASD and ADHD will soon have access to new therapeutic options to complement existing behavioural and pharmacological approaches.”
Christof Goetz, Founder and Managing Director of MyMind, remarks: “IST cube was my first preference for an institutional investor. With its network into science, especially to the Institute of Science and Technology Austria, IST cube is not just an important investor but also a valuable partner for us. In this setup we can keep up with the latest developments in neuroscience to help people with neurological issues and support them to become more independent in life.”
+43 1 99 74 294