Sooma Medical is a Finnish company that has developed and commercializes a patented and CE-certified - low-risk and low-cost - tool for the treatment of depression and chronic pain, using transcranial direct current stimulation (tDCS); its solution is unique and has already gained approval from regulatory bodies in 35 countries, with already four patents protecting its solution and more being validated.
Sooma launched a capital raising together with business angels from Italian Angels for Growth (IAG) who had already bet on it in 2019, on the platform of Doorway - innovative Italian fintech operating in Venture Capital that enables direct investment in this asset class by private and corporate investors. The campaign ended last August 18 with the raising of €319,000.
The total raised by Sooma will be injected into a capital increase aimed at business development in Europe, with a focus on France and DACH, entry into the U.S. market, and investment in R&D and Marketing & Sales.
Sooma's proposed solution is part of the depression treatment market, which has more than 300 million patients* affected worldwide and, in the U.S. alone, employs an expenditure of 5.7 billion in treatment. The percentage of people affected by depression is estimated at between 4 percent and 8 percent of the global population: numbers that grew to 12 percent during the COVID-19 pandemic.
The method proposed by Sooma is based on a noninvasive neurostimulation technique, which aims to modulate brain activity using weak electrical currents. The therapy is carried out through a portable brain stimulation device and a digital platform offered to physicians who can then follow the patient remotely. Sooma's solution is unique: it has already gained regulatory approvals in 35 countries and is in the process of being approved by the Federal Drug Administration (FDA).
In the United States, where there are an estimated 17 million patients with depression, Sooma's target represents 67 percent. Indeed, the market for depression treatment has so far focused on antidepressant-based therapies (about 50 percent of patients are unresponsive and/or may develop significant side effects) and psychotherapy (challenging and expensive).
"Venture capital observers confirm that the lifescience sector has seen the highest raises during the second quarter of 2023," says Antonella Grassigli, CEO and Co-founder of Doorway. "Companies such as Sooma Medical, which has attracted investor interest because it offers an innovative, effective and low-cost therapeutic solution for the treatment of depression, which affects more than 300 million people worldwide, are therefore being rewarded."
Michele Marzola and Carlo Brunetti, IAG partners and Champions of the investment in Sooma: "We are pleased to continue supporting the growth of Sooma, a non-invasive, drug-free solution for the treatment of depression, which we have believed in since 2019. We have been impressed by Sooma's demonstrated efficacy in clinical practice and their pioneering approach that has opened new doors to flexible neuromodulation therapies, giving hope to thousands of patients with psychiatric or neurological conditions worldwide."