Finnish medtech Sooma secures €5M led by Voima Ventures

Sooma, a Helsinki-based provider of brain stimulation treatments for psychiatric and neurological disorders, has announced its new funding of €5 million led by Voima Ventures. The investment will be used to accelerate Sooma’s product development and continue the company’s expansion into new and existing markets.

About Sooma

  • Founded in 2013, Sooma is a medical device company specializing in non-invasive brain stimulation devices for neurological and psychiatric disorders. Manufactured in Finland, Sooma’s devices adhere to strict ISO 13485 and MDSAP quality management standards. Additionally, over 20,000 patients in more than 35 countries have already used the device.
  • Sooma’s portable neuromodulation system is paired with a digital platform allowing clinicians to remotely monitor treatment adherence and tailor the treatment to individual needs, regardless of the patient’s location. According to the startup, it enables clinicians to manage multiple patients at once, enhancing the effectiveness of treatment and improving healthcare efficiency and scalability.

Investment details

  • The funding round was led Voima Ventures, a Nordic early-stage investor dedicated to fostering science-based innovations and supporting companies throughout the Nordic and Baltic regions.
In June 2023, Voima Ventures announced its third fund of €90 million.
  • The Singapore-based Verge HealthTech Fund, investing in impactful and global healthcare technologies at the earliest stages, also participated in the round along with the existing investor Stephen Industries, a Helsinki-based family office investing in healthtech, deeptech, and greentech solutions.
  • Apart from the funding, Sooma also recently received an FDA Breakthrough Device Designation. This designation is reserved for novel therapies that show significant potential to provide a substantial improvement over existing options for severe or life-threatening conditions.

The FDA Breakthrough Device Designation acknowledges Sooma as a crucial missing component in depression treatment in the US, opening us a unique opportunity to help millions of people suffering from depression. Gaining FDA approval would not just open up the therapy for patients throughout the US but also serve as a stamp of approval for regulators around the globe. We are committed to making our treatment accessible to patients in need worldwide as quickly as possible,

Tuomas Neuvonen, Sooma co-founder and CEO, commented.

With the fresh funding, Sooma plans to help more patients globally by accelerating product development and continuing rapid expansion into new and existing markets.