This Company Raises €5M for Better Depression Care

Sooma Medical, a Finnish company headquartered in Helsinki, has recently announced a significant milestone: securing €5 million in funding. This investment, led by Voima Ventures, a notable investor in the Nordic region, marks a pivotal moment for Sooma as it continues its mission to enhance depression treatment options worldwide.

Depression is a widespread mental health condition, affecting millions of individuals globally.

According to the World Health Organization, an estimated 300 million people struggle with depression, making it one of the leading causes of disability worldwide.

However,

traditional treatment methods such as antidepressants and therapy often come with limitations, including varying effectiveness, adverse side effects, and challenges related to accessibility and affordability.

In response to these challenges,

Founded in 2013, the company Sooma Medical has been at the forefront of developing innovative solutions, particularly focusing on Transcranial Direct Current Stimulation (tDCS).

This groundbreaking approach involves the use of mild electrical currents to stimulate specific areas of the brain associated with depression.

Unlike traditional treatments,

tDCS offers a non-invasive and potentially more targeted alternative, with fewer side effects.

Additionally,

Sooma’s tDCS therapy can be administered at home under the guidance of a healthcare provider, offering greater convenience and accessibility for patients.

Tuomas Neuvonen, CEO of Sooma Medical, emphasizes the company’s commitment to providing effective and accessible depression care for all individuals, especially those facing barriers to traditional treatments. Neuvonen highlights the importance of reaching underserved populations and ensuring that everyone has access to high-quality mental health care.

Sooma isn’t, however, the only startup working on tDCS treatments for depression. There’s also Sweden’s Flow Neuroscience, which has raised $11.9m, and US-based Soterix Medical, which has picked up $14m in grants.

But there are risks to Sooma’s expansion plans. Neuvonen tells Sifted “Healthcare systems are financially restrained,” meaning that it’s more of a challenge to convince them to invest in novel therapeutics.

Sooma’s comprehensive treatment approach combines its innovative portable neuromodulation device with a sophisticated digital platform. This integrated system allows healthcare providers to remotely monitor patients’ progress, tailor treatment plans based on individual needs, and provide ongoing support and guidance. By leveraging technology, Sooma aims to improve treatment outcomes and enhance patient satisfaction.

The effectiveness of Sooma’s tDCS therapy is supported by extensive clinical research and evidence-based practices.

With over 20,000 patients worldwide having benefited from tDCS treatment, Sooma’s track record demonstrates its potential to transform depression care and improve the lives of individuals struggling with this debilitating condition.

The recent €5 million investment will enable Sooma Medical to further advance its mission and expand its reach. The funding will support ongoing research and development efforts aimed at enhancing the effectiveness and accessibility of depression treatment options.

Additionally,

Sooma plans to expand its presence in both existing and new markets, ensuring that its innovative therapy reaches as many individuals as possible.

Inka Mero, Founding Partner of Voima Ventures, commends Sooma Medical for its innovative approach to addressing mental health challenges.

Mero emphasizes the importance of investing in innovative solutions that have the potential to make a significant impact on global health outcomes.

Furthermore,

Sooma’s recent recognition by the U.S. Food and Drug Administration (FDA) as a breakthrough device underscores the potential of its therapy to revolutionize depression treatment. This designation opens up new opportunities for Sooma to expand its reach and bring its innovative therapy to even more individuals in need.

Looking ahead,

Sooma Medical is poised to play a leading role in advancing depression treatment and improving mental health outcomes worldwide.

With the support of €5 million in funding, Sooma is well-positioned to continue its mission of providing effective, accessible, and innovative solutions for individuals struggling with depression.

Until then,

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