Sooma Medical, a provider of brain stimulation treatments for psychiatric and neurological disorders, has announced new growth funding of €5 million.
The round was led by the Nordic early-stage investor, Voima Ventures, which specialises in supporting science-based solutions. The funding marks a new phase of growth for Sooma in its ambitious mission to improve worldwide access to depression treatment and provide hope and efficient care for those facing mental health challenges.
Sooma’s offers Transcranial Direct Current Stimulation (tDCS) through its portable neuromodulation device. tDCS uses a mild electrical current to stimulate the brain and alleviate depression symptoms without the need for pharmaceuticals. Sooma’s treatment targets the brain and aims to relieve symptoms without causing systemic side effects commonly associated with antidepressant medications. Sooma’s prescription-only therapies can be used as a standalone treatment or in combination with other treatment types.
Tuomas Neuvonen continues, "We are dedicated to reaching especially those underserved by medication, or those with limited access to psychotherapy, ensuring everyone suffering from depression has access to the best possible care.”
At-home treatment with proven efficacy
Sooma’s neuromodulation system is paired with a digital platform allowing clinicians to remotely monitor treatment adherence and tailor the treatment to individual needs, regardless of the patient's location. It also enables clinicians to manage multiple patients at once.
"Our mission is to help as many people in need as possible. For us, the main indicator of success is the number of individuals receiving treatment and aid through our solutions,” Neuvonen added.
Sooma collaborates closely with leading medical experts and practicing clinicians to develop effective treatment solutions and help health systems treat more patients. Sooma’s devices are manufactured in Finland to meet quality management and regulatory standards. Notably, in September 2023, Sooma became the first tDCS device manufacturer to receive European MDR certification (EU Medical Device Regulation).
The funding round was led by renowned Nordic early-stage investor Voima Ventures, which specialises in supporting science-based solutions. It was joined by the Singapore-based Verge HealthTech Fund, exclusively investing in impactful and global healthcare technologies at the earliest stages, as well as existing investor Stephen Industries, a Helsinki-based family office investing in healthtech and other technology solutions.
Inka Mero, founding partner of Voima Ventures, said: "Sooma is changing how we tackle depression worldwide. Their at-home brain stimulation therapy offers a powerful way to help people without the need for drugs or the risk of side effects or addiction. I've seen first-hand how amazing this technology is across various patient groups, and it's wonderful to be part of their journey to bring this to more people globally. The battle against depression is only beginning, and it's time that we start making a change.”
Sooma also recently received an FDA Breakthrough Device Designation. This designation is reserved for novel therapies that show significant potential to provide a substantial improvement over existing options for severe or life-threatening conditions.
"The FDA Breakthrough Device Designation acknowledges Sooma as a crucial missing component in depression treatment in the US, opening us a unique opportunity to help millions of people suffering from depression. Gaining FDA approval would not just open up the therapy for patients throughout the US but also serve as a stamp of approval for regulators around the globe. We are committed to making our treatment accessible to patients in need worldwide as quickly as possible,” Neuvonen concludes.