Total amount raised
₹27.5 Millions
Latest funding date
06/01/2023
Location
Neuphony has successfully raised funding through multiple rounds, with its latest being a Seed round closed on June 20, 2023. The company is backed by 10 investors, including Beej Network and ah! Ventures.
Keep reading to explore the intricacies of Neuphony's fundraising journey and the investors backing this innovative platform.
What Is Neuphony?
Neuphony, founded on October 16, 2020, is a Delhi-based company specializing in wearable EEG Neurofeedback devices. The company was established by Bhavya Madan and Ria Rustagi.
Operating in industries such as consumer electronics, neuroscience, and wellness, Neuphony focuses on improving brain health, memory, sleep quality, and reducing stress and anxiety through its innovative technology. The company employs between 11 and 50 people.
Neuphony's product lineup includes the Neuphony EEG Headband and various software applications, aimed at bringing the benefits of neurofeedback to users in the comfort of their homes.
How Much Funding Has Neuphony Raised?
- Pre-Seed Round
- Amount Raised: ₹5M
- Date: November 2020
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To develop initial prototypes and validate the concept of wearable EEG Neurofeedback devices.
- Seed Round
- Amount Raised: ₹20M
- Date: December 2021
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand research and development capabilities and target new market segments.
- Grant
- Amount Raised: ₹2.5M
- Date: December 2021
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To support ongoing research and development efforts.
- Non-Equity Assistance
- Amount Raised: Not publicly disclosed
- Date: August 2022
- Lead Investors: Google for Startups
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To gain strategic support and resources from Google for Startups.
- Non-Equity Assistance
- Amount Raised: Not publicly disclosed
- Date: September 2022
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To further develop and refine their product offerings.
- Seed Round
- Amount Raised: Not publicly disclosed
- Date: June 2023
- Lead Investors: Raajesh Bhojwani
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To scale sales in international markets and establish brain gyms globally.
Total Amount Raised: ₹27.5M
Current Valuation: Not publicly disclosed
Key Investors
- Beej Network
- Details: Beej Network is an investment network that focuses on early-stage startups. It aims to support innovative companies with high growth potential.
- Investment Focus Areas: Technology, healthcare, consumer products
- Notable Investments: Not publicly disclosed
- ah! Ventures
- Details: ah! Ventures is a platform that connects startups with angel investors. It has a strong focus on early-stage investments and has supported numerous startups across various sectors.
- Investment Focus Areas: Technology, healthcare, fintech
- Notable Investments: Not publicly disclosed
- Google for Startups
- Details: Google for Startups is an initiative by Google to support startups through mentorship, resources, and funding. It aims to help startups grow and scale their businesses.
- Investment Focus Areas: Technology, artificial intelligence, cloud computing
- Notable Investments: Not publicly disclosed
- Raajesh Bhojwani
- Details: Raajesh Bhojwani is the founder and managing director of RBB Ship Chartering Pvt. Ltd., based in Singapore. He has a background in the shipping industry and has invested in various sectors.
- Investment Focus Areas: Technology, health, shipping
- Notable Investments: Not publicly disclosed
- Angel Investors from UAE and India
- Details: A group of angel investors from the UAE and India who have participated in Neuphony's funding rounds. These investors typically focus on high-growth potential startups.
- Investment Focus Areas: Technology, healthcare, consumer products
- Notable Investments: Not publicly disclosed
What's Next for Neuphony?
Neuphony is poised for significant growth as it aims to establish over 1,000 brain gyms globally within the next three years. This ambitious plan could impact the lives of 1 billion individuals, promoting mental well-being and challenging mental health stigmas. The company is also scaling its sales in international markets, leveraging its presence in 16+ countries and collaborations with renowned institutions like IIT and NIMHANS.
Future fundraising opportunities are on the horizon, with Neuphony already in a pre-Series A funding round. This will likely attract further investment to support their international expansion and operational scaling. However, challenges such as competition, maintaining product quality, and overcoming mental health stigmas in various cultures may arise as they grow.
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