Helsinki-based Sooma, a medical device company, announced on Tuesday that it has secured €5M in growth funding led by Voima Ventures, a Nordic early-stage investor.
Others, including Verge HealthTech Fund and existing investor Stephen Industries, participated in the round.
The funding will help the Finnish company to help more patients globally by accelerating product development and rapid expansion into new and existing markets.
Apart from securing funding, Sooma also recently received an FDA Breakthrough Device Designation, reserved for novel therapies that display significant potential to improve existing options for severe or life-threatening conditions.
Sooma: Treating neurological and psychiatric disorders
Founded in 2013 and led by Tuomas Neuvonen, Sooma specialises in non-invasive brain stimulation devices for neurological and psychiatric disorders.
The therapies are given using Sooma’s portable medical device utilising Transcranial Direct Current Stimulation (tDCS), enabling safe at-home depression treatment.
tDCS uses a mild electrical current to stimulate the brain and alleviate depression symptoms without the need for pharmaceuticals.
The company’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.
“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,” says Tuomas Neuvonen, co-founder and CEO of Sooma.
Sooma’s portable neuromodulation system and digital platform enable clinicians to remotely monitor and customize treatment for multiple patients, improving healthcare efficiency and scalability.
“Our mission is to help as many people in need as possible. For us, the main indicator of success is the number of individuals receiving treatment and aid through our solutions,” Neuvonen says.
The Finnish company works closely with medical experts to develop effective treatment solutions.
Manufactured in Finland, Sooma’s devices adhere to strict ISO 13485 and MDSAP quality management standards. To date, more than 20,000 patients have found relief with these treatments, claims the company.
The investor
Founded in 2019, Voima Ventures is a Nordic early-stage investor that focuses on science-based innovations and supporting companies throughout the Nordic and Baltic regions.
Voima Ventures helps founders accelerate the growth of deep technology ventures to global markets.
In June 2023, Voima Ventures announced its third fund of €90 million to continue supporting groundbreaking Nordic and Baltic science-based startups.
“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,” says Inka Mero, Founding Partner of Voima Ventures.
Read the orginal article: https://siliconcanals.com/news/startups/finnish-medtech-sooma-bags-5m/
