Today CorTec announced the close of a €13 million funding. The investor consortium is led by Santo Venture Capital, the Strüngmann family holding company. Alongside LBBW Venture Capital, several existing shareholders participate in the funding round. Based on the investments, CorTec plans the next step of expansion with a subsidiary in the USA and the development of the next generation of the Brain Interchange Technology.
From the perspective of the two managing directors of CorTec, Dr. Jörn Rickert and Dr. Martin Schüttler, Santo’s investment confirms the increasing relevance of neurotechnology. “The fact that the Strüngmann family as German life science investors of the highest reputation invest in CorTec, testifies to the growing importance of implantable solutions in neurotherapy,” explained Dr. Jörn Rickert. “This trend is not only evident in our market environment, but also in the public perception of companies such as Elon Musk- founded Neuralink. It is therefore essential for us to drive our Brain Interchange technology forward, with which we are pushing the boundaries of implant technology used to date,” added Dr. Martin Schüttler. “Santo’s expertise will contribute to further expanding our technological capabilities.”
CorTec’s Brain Interchange technology connects the brain and technology, enabling the communication with the nervous system assisted by artificial intelligence. As a closed-loop system, Brain Interchange can adapt to the patient’s acute therapy needs depending on the situation. This enables the development of new personalized therapies for neurological diseases such as Parkinson’s, epilepsy or stroke. Further technical features such as an increase in the number of channels for even more precise therapy control are planned for the next generation of the system.
CorTec pursues the vision of being a leading partner in the development of innovative therapies. In addition to further technological development, the company therefore plans to expand the business in its main market, the United States. The establishment of an own subsidiary is intended to provide even closer support to customers from industry and research and to expand sales of products such as the electrode for invasive neuromonitoring cleared for the US market.
That CorTec is about to play a central role in a growing market has attracted Santo Venture Capital to invest in the company. “We are very impressed with CorTec’s progress to date and believe that the technology will play a significant role in the future. With our experience and network in the field of life science, especially through the connection to the Ernst Strüngmann Institute for Neurosciences, which focuses intensively on brain research, we can contribute to the further development of the company”, explained Helmut Jeggle, Managing Director of the family office. This position is also confirmed by Dr. Harald Poth, member of the Management Board of LBBW Venture Capital GmbH in Stuttgart: “Customers worldwide already value CorTec’s innovative components. The Brain Interchange System has the potential to become the gold standard in neurotechnology”.
The Chairman of CorTec’s Advisory Board, Prof. Dr. Klaus Mangold, welcomed Santo’s commitment as new lead investor as well as the participation of a large number of existing shareholders such as Mangold Invest, Meder Invest, KfW or High-Tech Gründerfonds: “With this significant increase in the equity base, CorTec will effectively fund the next important steps towards expanding the company. The course has been set for the future”.