Eye-tracking tech startup Braingaze (the Mind Tracking Company) announced the mobilization of €336,000 of public and private money in the firm’s first pre-seed round of funding since its inception in September 2013. This latest injection will be used primarily for R&D, product development, patent expansion, product regulatory compliance, and the development of the firm’s clinical trials programme in Europe and the US.
The University of Barcelona/ICREA Foundation spinoff’s software has several applications currently under development, ranging from the diagnosis of attention/hyperactivity disorder (ADHD) to analyses of consumer preference and video game navigation. Presently, the Braingaze team includes seven professionals from highly diverse backgrounds, and has recently completed a move to larger offices within its incubator Tecnocampus Mataró’s premises, just outside Barcelona.
Crowdfunding enabler Across Business Partners mobilised the private funds for this round, whilst the Spanish government’s NEOTEC programme for tech startups also contributed. International law firm Roca Junyent provided legal support for the round. Notably, Braingaze founders Laszlo Bax and Hans Super have also increased their investment at the same valuation offered to the new investor, signalling the founders’ confidence in the potential for future value growth.
Bax, also a founder of Innovation consultancy Bax & Willems Consulting Venturing, believes this capital injection to be a key step towards future business development.
“We take an Open Innovation approach each time we explore a new potential application for the Braingaze intellectual property,” he said. “In practice, that means we’ve been fortunate enough to work with some of the best and most innovative organisations and individuals from a number of fields. I’m confident that this new investment will enable us to develop both our business and our product, and thus pave the way for further exciting collaborations in the near future.”
“We invest in innovative projects that we consider to be of great societal and business importance,” said Across BP director Raúl Olías González. “For that reason, we’re exited to now be a part of the BrainGaze story. We believe the company has a great team, with the right technology and huge business potential. We certainly have great expectations for the future of this venture.”