Sooma Secures €5M Funding for At-home Brain Stimulation Therapies
The new funding will be used to accelerate Sooma’s product development and continue the company’s rapid expansion into new and existing markets.
Helsinki, March 12th, 2024 — Sooma Medical, the leading provider of effective brain stimulation treatments for psychiatric and neurological disorders, announced its new growth funding of €5 million. 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.
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.
“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.
“Our mission is to help as many people in need as possible.”
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.
In just a few years, Sooma’s devices have become the most prescribed tDCS therapies globally, with over 20,000 patients treated worldwide. The treatment, proven effective in placebo-controlled trials, has helped the majority of patients feel symptom relief within a few weeks, assisting them in overcoming severe work impairment and returning to their regular routines.
“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.
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).
Strategic expansion to close the mental health gap in the US
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.
“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.
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.
“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,” Neuvonen concludes.
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. 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. Sooma Depression Therapy is available in more than 35 countries worldwide.
About Voima Ventures
Founded in 2019, Voima Ventures stands as a prominent Nordic early-stage investor dedicated to fostering 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. Voima Ventures is a team of 12 investment and growth entrepreneurship professionals who share a passion for science-based tech. Voima Ventures holds a strong track record in investing in high-growth science-based solutions. In June 2023, Voima Ventures announced its third fund of €90 million to continue supporting groundbreaking Nordic and Baltic science-based startups.
voimaventures.com
About Verge HealthTech Fund
Verge HealthTech Fund is an early-stage venture capital firm based in Singapore that envisions a world with a radically extended health span for all. We are exclusively focused on impactful healthcare technologies that have global applicability, especially for underserved populations. Our team is composed of former founders or operators who take a hands-on, activist approach to working with healthtech startups. The partners have invested in over 50 health tech startups around the world since 2013.
vergehc.com
About Stephen Industries
Stephen Industries is a Helsinki-based family office that invests in companies creating innovative Healthtech, Deeptech, and Greentech solutions for a better world.
stephenindustries.com
