A New Zealand medtech startup that’s developed a world’s first wireless brain monitor to remotely manage chronic illness has raised NZ$6 million (A$5.6m) to take the device to clinical trials.
Kitea Health spun out of the University of Auckland Bioengineering Institute after developing the implantable long-term brain pressure sensor, which could save the healthcare system up to 40% in treatment costs, amid better patient management, care outcomes and quality of life.
The $6 million round was led by local deep-tech venture capital firm Pacific Channel, supported by Auckland UniServices, Icehouse Ventures, CureKids Ventures, New Zealand Growth Capital Partners and local angel groups.
The funding will also be used to accelerate global expansion.
