Malmö-based Flow Neuroscience has developed a head-mounted wearable and an app to help treat depression without antidepressants.
The Swedish health tech startup has now announced a $1,1 million seed investment led by Khosla Ventures, with SOSV – an earlier investor that backed the HAX accelerator that Flow just completed – and angel investor Daniel Andersson also participating.
Khosla Ventures is known for investing in “unusual technology approaches” that tackle the really big problems, and Flow Neuroscience’s hit home with Vinod Khosla himself, the fund’s founder. “After a cold email pitch and a couple of phone calls, Vinod Khosla invited us to San Francisco to meet his team,” says Månsson.
The funding will enable Flow to complete the regulatory process, get its first product approved in the EU, and grow its team.
According to the company’s founder, Daniel Månsson, around 5 percent of the world’s population suffers from the disease. “Depression is growing globally and it’s also one of the world’s costliest illnesses.”
Flow Neuroscience taps into an emerging field of treatment called TDCS (”transcranial direct current stimulation”) , which, many scientists believe, could help treat everything from learning disabilities to depression to stroke-related speech impairment.
“It’s a new way to think about depression treatment. We are adding a new tool in the toolkit for people suffering from depression,” Månsson, a trained clinical psychologist, says.
The company also supports users with an app that nudges them to sleep, eat and exercise better.