BrainsGate Raises $26M

January 26, 2015 | The Israeli medical device company developing treatments for central nervous system diseases, BrainsGate, announced that it raised $26 million at a company value of $70 million, before money. According to the company, $11 million of the amount has already been invested in the company, while the remainder will be invested in the future, subject to certain conditions. One of the investors, Elron Electronic Industries, which also owns 30 percent of the company, will invest $8 million in two stages. Elron asserts that the leading investor in the round is a global health sector company, along with existing private investor Israel Makov. The company, which develops treatments for strokes using an electrical device that attempts to restore blood flow in the brain, has raised $70 million to date. BrainsGate was founded in 2000.