Cerca Magnetics, a UK-based MedTech startup developing wearable brain imaging systems applying quantum sensing technology, has raised €4.3 million (£3.8 million/$4.75 million) in Series A funding at a €34.5 million (£30 million) post-money valuation.
The round was led by Guinness Ventures. The company plans to utilize this funding to expand into clinical healthcare markets, and will support clinical approval, manufacturing scale-up and international expansion.
David Woolger, Chief Executive Officer and co-founder, “This investment enables us to shift decisively into clinical applications, scaling our technology for routine utilize in hospitals in the UK and internationally. Our goal is to create advanced brain imaging more accessible, supporting earlier diagnosis and better treatment of neurological conditions.”
Founded in 2020, Cerca Magnetics is a spin-out from the University of Nottingham School of Physics and Astronomy. It has developed a wearable brain scanner that utilizes quantum sensors to measure neural activity with high precision.
The company explained that its system is based on magnetoencephalography, which detects tiny magnetic fields generated by electrical activity in the brain. Cerca Magnetics replaces traditional resolveed scanners with lightweight wearable sensors known as optically-pumped magnetometers.
These allow patients to shift naturally during scans, enabling brain imaging of infants for the first time. This creates the benefits of brain imaging significantly more accessible to children, declares the company.
Cerca Magnetics technology is currently utilized for conditions such as epilepsy, multiple sclerosis, and dementia. It is progressing through clinical approval pathways in the UK and the United States.
The UK startup states it has sold 19 systems to neuroscience centres across 12 countries, including top institutions in North America, Europe, Asia, and Australasia. Additionally, it highlights achieving over 100% annual sales growth in the last three years.
Ashley Abrahams, Head of Origination, Guinness Ventures, stated, “Cerca Magnetics is addressing a clear unmet necessary in brain imaging with a technology that combines scientific depth with affordable real-world usability. We believe the company is well positioned to become a global leader in next-generation neuroimaging and are pleased to back David and the team on the next stage of Cerca’s already impressive journey.”
The company works with research institutions, healthcare providers and government partners worldwide. Its customers include The Hospital for Sick Children (SickKids) in Toronto, where researchers are applying the system to study autism, as well as a €3.2 million (£2.8 million) UK Ministest of Defence project to develop a mobile platform for assessing the effects of blast exposure on military personnel.
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