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Seed Financing for CorTec

High-Tech Gründerfonds, Seedfonds Baden-Württemberg and K & S W Invest invest with CorTec in the future of neurotechnology. CorTec is developing a neurotechnological platform for measuring and stimulating of brain activity. The seed investment enables the young company to go on with its development towards a clinical application of the platform system and to bring it to market maturity.

„The platform character of our system opens up a wide variety of applications to us“, explains Dr. Jörn Rickert, one of the managing directors of CorTec. „We are able to measure and stimulate brain activity. Therefore we can use our system for example to treat Chronic Pain, to enhance rehabilitation – especially for stroke patients or persons with a high cross section – or else to control assistive devices such as wheel chairs, communication systems etc.“, adds Prof. Thomas Stieglitz  from the Department of Microsystems Engineering (Institut für Mikrosystemtechnik, IMTEK) at the University of Freiburg, future member of CorTec’s advisory board and one of the founding shareholders.

With this development project CorTec is breaking new ground in neurotechnology. Similar already available systems like the Deep Brain Stimulator for the treatment of Parkinson ’s disease in first place suit for stimulation. A reliable system for long-term measuring of brain activity that fits the needs of everyday use is not on the market so far. Nor a technology that would combine both measurement and stimulation.

„For us, on the one hand the high level of innovation and the enormous potential of CorTec’s platform are exciting. Besides, the fact that CorTec is very close to bringing first products onto the market convinced us”, says Dr. Caroline Fichter, Senior Investment Manager at High-Tech Gründerfonds, about the reasons why the Fonds invested in CorTec. „Apart from that we are delighted that our coach Klaus Würtenberger is going to support the CorTec team not only as an investor, but also operationally as managing director.” This underlines Roman Loch, Investment Manager at LBBW Venture Capital GmbH, which manages the Seedfonds Baden-Württemberg: „The competence within the team and the huge innovative capacity of the technology to us are the ideal preconditions to realize CorTec’s full potential.“

Together with the seed investment of High-Tech Gründerfonds, Seedfonds BW and K & S W Invest CorTec is receiving public subsidies from the KMU-innovativ programme, set up by the Federal Ministry of Education and Research (Bundesministerium für Bildung und Forschung, BMBF). Altogether, the funding for the company’s development projects amounts to 2.4 million €.

Download the press release:

CorTec_Press Release_01-2011

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