Neural Analytics

Neural Analytics is a Los Angeles, California medical device company that develops and commercializes technology to measure, diagnose and track brain health, with a focus on stroke, trauma and dementia. Its flagship product is the Lucid M1 Transcranial Doppler Ultrasound System (the "Lucid System"), an all-in-one, battery-operated medical-grade tablet device designed to measure and display cerebral blood flow velocities and to monitor patients with brain disorders. The system uses transcranial Doppler ultrasound to assess the brain's blood vessels non-invasively from outside the body, and can be used in a physician's office or moved through a medical facility where rapid assessment of cerebral blood flow is needed. The Lucid System has received FDA clearance and CE Mark approval and is available in the United States and Europe.

At an earlier stage the company described itself as building a portable concussion detector intended to let physicians, first responders and laypeople quickly determine the severity of brain trauma in the field, with the aim of simplifying brain injury diagnosis, reducing healthcare costs and improving patient outcomes. The company combines data science with hardware, drawing on machine learning, robotics and traditional medical technology, and has been characterized as a medical robotics company developing and commercializing technologies to measure and track brain health.

The company has also pursued clinical evidence generation, including a feasibility study with the Erlanger Health System in Chattanooga, Tennessee evaluating the Lucid System in patients suffering acute ischemic stroke, and has stated plans to expand clinical study programs into new disease states and applications in brain health.

Founding story

Founders Leo Petrossian, Robert Hamilton and Dan Hanchey were introduced to the underlying technology in the UCLA Department of Neurosurgery. The team exclusively licensed the technology from UCLA and began research and development sponsored by National Science Foundation and National Institutes of Health funding. Petrossian, who holds a doctorate in biomolecular nanotechnology and previously worked on nanotechnologies in biotech, co-founded the company while earning an MBA at UCLA Anderson; Hamilton, a UCLA biomedical engineering PhD, had spent several years developing the technology in an academic setting, and Hanchey, also a UCLA Anderson MBA, brought software development experience.

Business model

The company sells its FDA-cleared and CE-marked Lucid System in the regions where it holds regulatory clearance, the United States and the European Union, and expands into additional markets as further regulatory approvals are secured. It also creates products and services to measure, diagnose and track brain health for first responders and clinicians.

Commercial sales of the Lucid transcranial Doppler ultrasound system to clinical customers in the U.S. and European Union, where the device is cleared for sale.

Traction

The Lucid System received FDA clearance and CE Mark approval and was commercially available in the U.S. and Europe as of 2017, with the company reporting significant customer demand. It was running a feasibility study with Erlanger Health System in acute ischemic stroke. Cumulative disclosed funding reached $27 million by April 2017, with an additional $10.3 million reported in October 2021.

Latest developments

In October 2021 a filing-based report recorded a $10.3 million raise from an offering of up to $15 million, associated with the NovaSignal Corp. name.