Interaxon Inc. has raised US $11.6 million in Series B-1 funding led by Trend Forward Capital, Export Development Canada and OMERS Ventures. Epic Capital Management and Bridge Builders Collaborative also participated in the financing.
In May 2015, InteraXon raised $10 million Series B led by OMERS Ventures with participation of Felicis Ventures, Horizons Ventures and Flextronics Lab IX.
Interaxon will use the capital to accelerate the company’s expansion into the health and wellness space and support the release of new applications and services for Muse, Interaxon’s flagship product and core technology within its brain health platform.
Launched in 2014, the Muse brain-sensing headband uses EEG sensor technology to provide real-time audio and visual feedback on an individual’s meditative state through a companion app available for Android and iOS. Through this technology, Interaxon has been able to bring meditation to the consumer market through partnerships with Amazon, Best Buy and other leading retailers. Building on successful consumer adoption, the company has begun launching specialized products for the clinical, professional and wellness community.
“Meditation has become a billion-dollar business, and Muse is unique in that it provides a hardware device with insight into brain activity to help consumers build a meditation practice,” said Derek Luke, Interaxon CEO. “The ability to benchmark and measure progress has been particularly attractive not only to consumers but also leaders of corporate wellness programs, mental health professionals and business and athletic coaches. With this investment, Interaxon is uniquely positioned to harness the potential of its brain interface into the consumer, professional and wellness markets, creating a vibrant services-based platform positioned for growth.”
In 2017, Interaxon announced a licensing partnership with the Safilo Group, bringing brain-sensing technology to eyewear commonly used among professional athletes. In the same year, Interaxon launched its first SaaS product to the professional and corporate wellness community to help aggregate information and identify insights to support wellness among program participants. Additionally, the VR community is working to integrate Interaxon’s brain-sensing technology into engaging VR experiences. With the latest influx of capital, Interaxon will expand into tertiary markets of clinicians and build out its developer marketplace.
“We created our new fund to invest in technologies that are at the epicenter of hyper-growth markets,” said Wael Mohammed, President, Trend Forward Capital. “The explosion of devices in the market promises to change the way the world thinks and acts, and Interaxon occupies a unique position given its brain-computer interface. This technology not only has relevance to many markets; it is also daily building a database of information that could help improve the mental health and well-being of millions.”
“We’ve witnessed over the last few years how meditation has transitioned from a little-known practice exercised in niche circles into a globally recognized health and wellness activity with proven personal benefits,” said Eugene Siklos, Director of Investments, EDC. “Interaxon has successfully tapped into that trend with their innovative brain health technology, and EDC’s investment is about providing this promising Canadian company with the growth capital they need to share their product with the world.”
“In the two years since OMERS Ventures first invested in Interaxon, we have seen tremendous growth and success of Interaxon’s flagship product, Muse,” said Sid Paquette, Managing Director, OMERS Ventures. “Interaxon’s brain interface is truly a unique technology that can have a profound benefit on one’s health. We are excited about the potential applications of Muse moving forward in areas such as mental health, as well as the database of brain activity that Interaxon has been developing.”
Interaxon Inc. currently employs more than 50 people including neuroscientists, engineers and creators at its Toronto, Ontario headquarters and will continue to grow its team to accelerate development of new technologies and products on its brain health platform.
photo credit: Interaxon