Motif Neurotech has closed an oversubscribed $18.75 million Series A financing led by Arboretum Ventures to advance the development of its DOT Microstimulator, a miniature brain pacemaker designed to precisely stimulate the brain to restore healthy circuit activity to treat mental health disorders.
The initial indication Motif is pursuing for the device is treatment-resistant depression (TRD), a form of major depressive disorder (MDD) that is resistant to anti-depressant medications.
Participating in the funding were new investors KdT Ventures, Satori Neuro, Dolby Family Ventures, re.Mind Capital, individual investor Max Hodak, and existing investors Divergent Capital, TMC Innovation, PsyMed Ventures, Empath Ventures and Capital Factory.
The DOT Microstimulator is a wireless, battery-free device designed to be implanted in a 20-minute outpatient procedure with the capability for at-home therapy. This round of financing will allow us to bring this technology into a clinical study for patients with TRD,” said Jacob Robinson, CEO & Founder of Motif Neurotech.