Start-up behind brain health device secures $4.7m seed financing
Swedish tech start-up Mendi is embarking on a new stage of development by securing a substantial $4.7 million investment in its seed financing.
This investment aims to bring Mendi closer to its ambition of making brain health accessible to 10 million people by 2025.
This financial step forward will enable and enhance Mendi’s work with scientists, professional partners, and user communities to develop specialised training programs and conduct research to discover new use cases with the main ambition to make a tangible and sustainable impact within the brain health category.
The lead investor is First Venture, who has made a significant investment of approximately $2 million into Mendi’s development plans.
Moha Bensofia, CEO of Mendi, said: “This investment represents a significant step forward in helping us realise our ambitions and lead the change that we want to see, giving millions of people the access and power to be in control of their own mental wellbeing.
“Finding partners who live and breathe our values has been instrumental in taking Mendi to the next stage, and we are extremely honoured and humbled to have the support of First Venture who truly believes in and stands with us in our goals. Having First Venture with us on our journey to bring better brain health to millions of people around the world further solidifies and enhances the proposition and makes our goal of improving the lives of 10 million people by 2025 a closer reality.”
Rune Nordlander, CEO at First Venture, added: “Mental health is a growing problem globally. Mendi has developed an exciting technology that facilitates brain training combined with lifestyle recommendations, which can help the users achieve a healthier brain and mental well-being. Through their headset and training app, Mendi has made this technology accessible to everyday consumers. We are very impressed that the entrepreneurial team at Mendi has built up a company in such a short period of time and is now positioned to become the global market leader in this area. We at First Venture look forward to an exciting journey together with the Mendi team.”
The investment follows Mendi’s release of a professional-grade wearable neurofeedback brain training device for home use earlier this year, allowing people to visualise and understand their brain activity and helping to promote better mental wellbeing and lifestyle choices.