Neurotech Players Discuss Past and Future at Leaders Forum
Staff report
November 2025 issue, Neurotech Business Report
The 25th annual Neurotech Leaders Forum, held in San Francisco, CA earlier this month, offered an opportunity for some of the industry’s seasoned pioneering figures to interact with upstart firms and promising investigators. The two-day event featured panel discussions on a number of key topics confronting the neurotech industry plus presentations from more than a dozen startup and emerging firms in the space.
In an inspiring keynote on November 6, J. Thomas Mortimer, an emeritus professor of biomedical engineering at Case Western Reserve University and one of the inventors of the first implanted neuromodulation system, reflected back on the personal factors that drove him to pursue many of his pioneering innovations. He exhorted attendees to offer the benefit of the doubt to others. “Every breakthrough in our field and every turning point in my life began when someone took a chance on another human being,” he said.
Looking to the future, Eddie Chang, a professor of neurological surgery at UC San Francisco and co-founder of startup Echo Neurotechnologies, described his teams work to develop a BCI system to restore communication to people with severe paralysis. “This was the first time in history that we had a method with millisecond and millimeter resolution from the cortex to resolve all of the elements of speech, including consonants and vowels,” he said.
A panel moderated by NBR senior consulting editor Jeremy Koff, brought together leading voices in neurotechnology investment and strategy: Brad Maruca from Deloitte, Brian Mech from huMannity MedTec, and Jordi Parramon from Nexus NeuroTech Ventures. The panel focused on the challenges and opportunities facing early-stage neuromodulation startups, with particular attention to what investors and strategic partners are seeking in this rapidly evolving sector.
Parramon described Nexus’s unique venture capital model, backed primarily by a large Bay Area family office with a deep commitment to neurological disorders. The VC firm targets three main clinical indications—Parkinson’s disease, autism, and bipolar disorder—using a focused but flexible investment approach. The firm’s second fund, launched in 2025, allows for investments ranging from seed-stage to moonshot bets, with the capacity to deploy up to $75 million in a single disruptive company.
Maruca shared insights from his consulting and industry experience, emphasizing the importance of business models in medtech. He noted that change in the sector is incremental and driven by compelling clinical outcomes, but also by strong economic narratives and network effects. Maruca highlighted recent reimbursement changes in neuromodulation and the need for startups to understand incentives and patient journeys, not just clinical efficacy.
Mech explained huMannity MedTech’s distinctive role as a 501(c)(3) nonprofit focused on perpetual new product development. Formerly the Alfred Mann Foundation, the organization bridges the gap for technologies too early or risky for traditional venture capital, often acquiring distressed assets and spinning out successful companies. Their model involves developing and clinically validating products, then attracting institutional investment and retaining equity and royalties.
Parramon outlined Nexus’s willingness to invest at the earliest stages, even in companies with only an idea or IP, provided there is a plausible mechanism of action and credible leadership. Equity arrangements are case-by-case, with an emphasis on founder incentives and long-term alignment.
Maruca stressed that beyond reimbursement, startups must articulate clear value—cost savings, time efficiencies, and strategic fit within existing channels. He noted that strategics look for products that leverage established sales relationships, add complementary capabilities, and move upstream in the patient journey.
Mech clarified that while huMannity MedTec is not a traditional investor, it offers inventors freedom from fundraising and supports product and clinical development. The organization sources opportunities through geographic ecosystems, networking, and inbound inquiries, focusing on technologies that interface with the human nervous system.
The panel discussed the prospects for noninvasive neuromodulation. Parramon highlighted investments in focused ultrasound, noting the importance of clinical indications compatible with the technology’s dosing regime. Mech expressed skepticism about the business model for noninvasive devices, citing the need for strong clinical evidence and reimbursement pathways. Maruca added that while noninvasive approaches can be an entry point, success depends on rigorous evidence generation and integration into the treatment continuum.
A panel devoted to investment in neurotechnology featured VC professionals Lu Zhang from Fusion Fund, Mudit Jain from Treo Ventures, and Samantha Tabone from XEIA Venture Partners. Panelists highlighted the segmentation between invasive and non-invasive neurotechnology, with growing interest in both therapeutic devices and wearables. Tabone emphasized the promise of technologies that reduce surgical barriers, such as endovascular fibers for deep brain stimulation and minimally invasive BCI deployment. Zhang underscored the critical role of data access and AI in advancing diagnostics and therapeutics, noting Fusion Fund’s focus on enterprise AI and digital therapeutics for neurodegenerative diseases. The panel agreed that AI is becoming a standardized tool for handling complex neurodata, but cautioned that “neuroAI” remains an ambiguous and evolving category for venture investment. Jain predicted that neurotechnology will dominate medtech for the next several decades, with a bias toward therapeutic devices targeting specific diseases, especially those involving peripheral nerve targets and drug-refractory disorders.
The panel discussed the shifting landscape of non-dilutive funding, including NIH and NSF grants. While acknowledging recent challenges, panelists remained optimistic, citing alternative sources such as DARPA and international government matching programs. They stressed the importance of founders being creative and proactive in pursuing diverse funding streams and strategic partnerships. Panelists advised founders to avoid dependency on non-dilutive funding and to focus on building strong commercial and reimbursement pathways. They also highlighted the importance of lean teams and responsible capital management, especially as late-stage medtech companies face pressure to improve financial profiles and avoid excessive dilution.
NBR senior contributing editor JoJo Platt moderated a session devoted to the AI-driven BCI revolution, featuring Tetiana Aleksandrova from Subsense Inc., Oliver Armitage from Axoft, and Andreas Forsland from Cognixion. “Our vision is to unite technology and humanity,” Aleksandrova said. “If one day we can connect the human brain and AI, it means that every model that will become smarter will evolve humanity at the same moment.”
Armitage described Axoft’s proprietary Fleuron polymer, which enables ultra-soft, photolithographically produced implants that minimize immune response and allow for stable single-neuron tracking over extended periods. The firm’s current clinical focus is on disorders of consciousness, aiming to deliver reliable diagnostics and communication for coma patients.
Forsland described Cognixion’s wearable BCI system, which integrates EEG and pupilometry data with AR devices such as Apple’s Vision Pro. “If we can make it possible for users to communicate on their own, to control their own computer, to control their own bed, to call 911, to call a caregiver, that’s a lot of stuff that the caregiver doesn’t have to do anymore, and it can reassign the caregiver to do caregiving things as opposed to menial things,” he said.
A panel addressing the evolving landscape of regulatory and reimbursement strategies for neurotechnology startups featured Kristen Mittal from Mittal Consulting, Lindsey Jardine from Adraxe Corp., and industry veteran Renee Ryan. Mittal stressed that startups must tailor their regulatory approach to their limited resources, advocating for comprehensive strategy reports and creative engagement models to help early-stage companies reach critical milestones without overextending capital.
Jardine emphasized that reimbursement strategy must be considered early and often, shaping clinical endpoints to meet payer requirements and ensuring that published data supports coverage decisions. She noted the value of consultants in navigating coding and payment pathways and described the importance of aligning regulatory milestones with commercialization plans. Ryan advised startups to anticipate long timelines—often five to seven years—for CMS coverage and to avoid scaling sales prematurely before reimbursement is secured.
Other sessions at the conference were devoted to new directions in pain neuromodulation, wearable devices, and the role of outside vendors in the commercialization process. A closing fireside chat between NBR editor James Cavuoto and Paul Grand from Medtech Innovator featured reminiscences from both on the early days of the neurotech industry.
At the conference, Neurotech Reports editors announced winners of the 2025 Gold Electrode Awards. SetPoint Medical received the award for Best New Product. Echo Neurotechnologies received the award for Most Promising Startup. Brad Maruca from Deloitte received the award for Outstanding Financial Professional. The award for Most Valuable Non-Profit went to imec, while the award for Neurotechnology Researcher of the Year was presented posthumously to Nolan Williams of Stanford University. J. Thomas Mortimer received a Lifetime Achievement Award from Neurotech Reports.
Neurotech entrepreneurs who presented at the conference included Miri Polacheck, co-founder, of Nuri Braintech, Helen Bronte-Stewart, founder, of QDG Health, Stefan Kampusch, CEO of Aurimod GmbH, Pawel Soluch, CEO of Spinally, Alejandro Covalin, CTO of OhmBody, Manfred Franke, co-founder and CEO of NeuronOff Inc., Boris Goldstein, CEO of BrainBit, Katya Sverdlov, CEO and co-founder of JelikaLite, Fred Walke, CEO of Wave Neuroscience, Andy Gotshalk, CEO of Neurologic Solutions, Ludovica Labruna, CEO of Magnetic Tides, Sumeet Mahajan, CEO of Brainalyze, and Kazu Okuda, CEO, of Universal Brain.
Platinum Sponsor of the Neurotech Leaders Forum was Cirtec Medical, while MST returned as the Gold Sponsor. Silver Sponsors were Valtronic, Velentium Medical, Osypka, and Resonetics. Microdul, Resolution Medical, COFORCE, Neo-Bionica, Focus, and Black Swan IP were Bronze Sponsors.
BioElectRx Vendors Present at Neurotech Leaders Forum
Staff report
November 2025 issue, BioElectRx Business Report
Several vendors of bioelectronic medicine systems participated in the 25th annual Neurotech Leaders Forum, produced by Neurotech Reports, in San Francisco earlier this month.
BBR contributing editor Victor Pikov moderated a panel entitled, “A Body of Work: Neuromodulation Vendors Move Beyond CNS.” In addition to Pikov, the panel featured Murthy Simhambhatla, CEO of SetPoint Medical, Jim Surek, CEO of Valencia Technologies, and Uli Gommel, CTO of Neo-Bionica.
Simhambhatla presented SetPoint Medical’s nerve stimulator for autoimmune diseases, especially rheumatoid arthritis. He explained the high cost and risks of current immunosuppressive drugs, which are the standard treatment but come with serious side effects and high financial burden.
SetPoint’s device is a tiny implant on the left cervical vagus nerve, stimulating for just one minute a day. Simhambhatla said that clinical results showed that 75% of patients responded well after one year, with significant reductions in joint damage and many able to discontinue immunosuppressive drugs. He emphasized the importance of device miniaturization, patient-friendly design, and MRI compatibility for adoption. And he stressed the need for robust clinical evidence and discussed the challenges of non-invasive approaches for deep nerves like the vagus.
Surek shared his commercial perspective and experience in neuromodulation. Valencia Technologies has developed a nickel-sized tibial nerve stimulator for urinary urge incontinence and overactive bladder. Their approach targets a broader patient base outside traditional OAB specialists, aiming for simplicity and accessibility.
Surek said the device is easy to implant, requires minimal programming, and is designed to “set and forget,” reducing the burden on both patients and clinicians. He highlighted the low market penetration of implantable devices despite many players, and the need to “unclog” specialist practices by democratizing access. He stressed the importance of device simplicity, ease of revision, and balancing MRI compatibility with cost.
Gommel provided a technology-focused perspective, drawing on experience in product development and manufacturing for medical devices. Neo-Bionica bridges the gap between proof-of-concept and commercialization, supporting startups and strategics in neurotechnology. He emphasized the importance of miniaturization and usability, especially for closed-loop sensing devices in areas like sleep apnea and pelvic health.
Also at the conference, Neuronoff CEO Manfred Franke announced that his firm would spin off a new venture called Calm Medical that targets OAB. The new firm would use the same Injectrode technology that is used in Neuronoff’s pain devices. The firm received a $1.7 million DOD grant for studying neurogenic bladder.
During the meeting, Neurotech Reports awarded the 2025 Gold Electrode Award for Best New Product to SetPoint Medical. In his acceptance speech, Simhambhatla reflected on the years leading up to commercialization. “It’s been a long arduous journey and to get to this point of FDA approval is a bit like redemption for believing in this audacious idea,” he said.