Neuromod, a Dublin-based medtech company, has raised €10 million in an oversubscribed Series B funding round. The financing was led by Fountain Healthcare Partners and Panakès Partners, both existing investors. The funds will support the expansion of Lenire, Neuromod’s tinnitus treatment device, across the United States and Europe. This investment marks a significant step in the company’s efforts to address the growing demand for non-invasive tinnitus treatment solutions. Neuromod aims to solidify its position in the market through strategic growth and enhanced accessibility for patients.
Neuromod has made several announcements regarding funding and product expansions in previous years. The company has consistently focused on securing investments to advance its neuromodulation technology. Lenire previously received FDA approval in March 2023, allowing it to be introduced to clinics across the U.S. In addition, independent studies have been conducted to assess the device’s effectiveness, with results indicating substantial patient benefits. Compared to past funding rounds, this latest investment highlights continued investor confidence and growing market demand for tinnitus treatment solutions.
How will the funds be used?
The newly acquired capital will be allocated to strengthening Neuromod’s commercial expansion strategy. The company plans to increase clinic availability for Lenire, particularly in the U.S. and Europe. Additionally, the funding will facilitate further collaboration with the U.S. Department of Veterans Affairs (USVA), where the device is already being introduced to veterans suffering from tinnitus. This development is expected to enhance accessibility and awareness of the treatment among a wider patient demographic.
What makes Lenire different?
Lenire is a non-invasive device that uses bimodal neuromodulation to address tinnitus symptoms. It delivers mild electrical pulses through an intra-oral component, known as the ‘Tonguetip,’ while simultaneously providing auditory stimulation via headphones. This dual-stimulation method has been clinically tested, with findings supporting its effectiveness in reducing tinnitus perception. The device has already been introduced in 14 European countries, and clinics in the UK have doubled their adoption of Lenire in the last six months.
Neuromod has focused on addressing the needs of tinnitus patients through extensive clinical research. The company reports that independent studies in the U.S. have shown positive outcomes, with over 1,500 patients benefiting from Lenire’s use in real-world conditions. A recent study by the Alaska Hearing & Tinnitus Centre found that 91.5% of 220 patients experienced significant relief. These findings are consistent with results from broader clinical trials conducted by Neuromod. The device’s introduction to the U.S. veteran community is also expanding, with 35 USVA facilities already trained to use it and more scheduled for training in 2025.
“We are delighted to announce an oversubscribed financing at a pivotal time when we are driving forward with our mission of making Neuromod the category creator for tinnitus globally,” said Dr. Ross O’Neill, Founder & CEO of Neuromod.
Neuromod continues to pursue growth in both private and public healthcare sectors. The company secured a U.S. government contract in June 2024 to provide medical equipment, facilitating Lenire’s adoption in veteran healthcare programs. With tinnitus affecting an estimated 15% of the global adult population, the demand for treatment options remains high. By expanding its presence in established and emerging markets, Neuromod aims to increase patient access to its technology.
“Recent results from tinnitus patients using Lenire in the real-world show that it represents a new standard of care for tinnitus. The successful closing of this financing ensures more patients will get access to this standard of care as quickly as possible,” said Dr. Manus Rogan, Chairman of Neuromod and Managing Partner of Fountain Healthcare Partners.
As Neuromod continues its expansion, the company focuses on meeting rising demand while ensuring continued research into its technology. The integration of Lenire into veterans’ healthcare services in the U.S. highlights its potential role in addressing chronic tinnitus cases. With further adoption planned in Europe and the U.S., the company’s strategic approach may contribute to broader recognition of neuromodulation as a treatment option. Future developments will likely revolve around accessibility, regulatory approvals, and clinical validation to reinforce Lenire’s place in tinnitus care.
