Santa Clara, Calif-based medical technology company Zeto Inc has raised $7.3 million in Series A financing led by Seraph Group and joined by Aphelion Capital, SV Tech Ventures, and Shangbay Capital. Zeto raised $4 million previously in dilutive and non-dilutive funding. The new capital will be used to accelerate commercialization of its lead product, the zEEG headset and software platform, and develop new products to expand its portfolio. zEEG is a dry electrode EEG headset approved by the US Food and Drug Administration (FDA) for clinical use.
“Since our commercial launch a few months ago, we added several customers who love the product and are utilizing it at high rates. We are glad to validate the strong product-market fit for zEEG. Inspired by the demand, we are excited to expand our commercial team and production capacity to serve our growing customer base,” says Aswin Gunasekar, MS, MBA, Zeto founder and CEO, in a release. “Our goal is to provide the most seamless and intelligent EEG experience for any clinical need. Current products are far behind what users need and Zeto is building a suite of convenient and intuitive products to eliminate the most time consuming and labor-intensive activities involved in traditional EEG. As a subsequent step, we plan to utilize artificial intelligence to not only supplement the reading physician with analytics and insight but also expand the diagnostic utility of EEG worldwide in areas of medicine where it has been underutilized.”
Zeto’s customer Wave Neuroscience Inc, states, “Our extensive intellectual property portfolio and business operations are built on award-winning science and medical innovation. For us to achieve the high level of results we are committed to, we rely on partners that never rest in their quest to achieve the highest standards. Accessing an FDA compliant EEG device that performs at an uncompromising standard, allows for increased throughput and provides a user experience that rivals the latest technology assets, was very attractive to us. Zeto transformed the way we think about EEG capture by advancing technology further in the past two years than the industry had in the prior three or four decades. Zeto provides us the confidence, convenience and data quality that we rely on, day in and day out.”
Tuff Yen, CEO of Seraph Group, the lead investor, says, “We believe a new era is around the corner when researchers can accelerate our understanding of the brain with this breakthrough device and software platform. It not only makes commercial sense, but also can serve as the infrastructure and library for neurological knowledge that leads to better diagnosis and treatment of brain disorders.”
Gunasekar says, “We are passionate about brainwaves, consider it a privilege to serve our customers and are committed to bringing great advancements for neurological care.”
The company plans to leverage its hardware and software technology to improve noninvasive monitoring of brain’s electrical activity and achieve better outcomes for neurological conditions such as epilepsy, sleep disorders, autism, stroke, and concussion.