CorTec On The Way To The Future Of Neurotechnology: Company Closes Second Financing Round
Just two years after seed financing CorTec announces the closing of another round of investment. M-Invest and KfW banking group are now joining the round of investors engaged with CorTec. Their investment of three million Euro will support the market launch of AirRay, CorTec’s first product. Furthermore, the company plans to start into the clinical phase with the implant based on CorTec Brain Interchange technology.
„With M-Invest we found a very active investor who gives us great support also in entrepreneurial aspects”, comments CorTec CEO Dr. Jörn Rickert on the closing. “We are very pleased that also the KfW is taking this step with us. This investment round will take us a decisive step towards the approval of our highly innovative closed-loop system.”
CorTec’s Brain Interchange technology allows measuring and stimulating brain activity in chronic use. The system works in a closed loop which means that it monitors the reactions of the brain and calculates its further activities based on these data. Systems of this kind, especially with a comparably high number of channels, are not yet available so far. CorTec thereby pioneers a major innovation in the field of neurotechnology.
With AirRay CorTec is about to introduce an improved electrode for clinical diagnostics and research onto the market. Thanks to a special laser-based manufacturing process the electrode is thinner and more flexible than currently available products. For an even more precise measuring the product can contain a big number of micro-contacts that do not affect the flexibility of electrode.
High-Tech Gründerfonds (HTGF), LBBW Venture Capital and K & S W Invest have been investing in CorTec so far. Besides, the company receives public subsidies from the Federal Ministry of Education and Research (Bundesministerium für Bildung und Forschung, BMBF) and is industry partner of the excellence cluster BrainLinks-BrainTools at the University of Freiburg.
CorTec was founded in 2010 in Freiburg. Since September of 2011 is actively operating. CorTec is developing a neurotechnological implant based on the CorTec Brain Interchange technology that measures and stimulates brain activity in long-term use. The platform character opens up a large number of therapeutic and diagnostic possibilities to this technology. AirRay, an electrode for clinical diagnostics and research, is – as CorTec’s first product – in the process of CE approval.
M-Invest is a privately held investitment entity, founded by Bernhard and Tobias Meder. Bernhard Meder is the founder of Meder Electronic, a globally operating enterprise for switching technology, that merged in 2012 with Standex Electronics.
M-Invest does not consider itself a pure financial investor. Furthermore, the corporation supports young companies with innovative business ideas also in the fields of marketing, business development, sales as well as with entrepreneurial knowhow.
KfW banking group give impetus to economic, social and ecological development worldwide. As a promotional bank under the ownership of the German federal government and the Länder (federal states), it offers support to small and medium-sized enterprises, environmental protection, housing, infrastructure, it provides project and export finance, and provides soft loans and grants as part of Germany’s development cooperation.
About High-Tech Gründerfonds
High-Tech Gruenderfonds invests in young, high potential high-tech start-ups. The seed financing provided is designed to enable start-ups to take an idea through prototyping and to market launch. Typically, High-Tech Gruenderfonds invests EUR 500,000 in the seed stage, with the potential for up to a total of EUR 2 million per portfolio company in follow-on financing.
Investors in this public/private partnership include the Federal Ministry of Economics and Technology, the KfW Banking Group, as well as strategic corporate investors including ALTANA, BASF, B. Braun, Robert Bosch, CEWE Color, Daimler, Deutsche Post DHL, Deutsche Telekom, Evonik, Lanxess, media + more venture Beteiligungs GmbH & Co. KG, METRO, Qiagen, RWE Innogy, SAP, Tengelmann and Carl Zeiss. High-Tech Gruenderfonds has about EUR 573.5 million under management in two funds (EUR 272 million HTGF I, EUR 301.5 million HTGF II).
High-Tech Gründerfonds Management GmbH
Dr. Caroline Fichtner – Senior Investmentmanager
Tel: +49 228 823001-00
Fax: +49 228 823000-50