Quantum-Powered Brain Imaging: Cerca Magnetics Secures €4.3 Million for Expansion

Cerca Magnetics Raises €4.3 Million in Series A Funding for Wearable Brain Imaging Systems

Cerca Magnetics, a MedTech startup based in the UK, has secured €4.3 million (£3.8 million/$4.75 million) in Series A funding, valuing the company at €34.5 million (£30 million) post-money. The funding round was led by Guinness Ventures and will enable Cerca Magnetics to expand its presence in clinical healthcare markets.

The company, founded in 2020 as a spin-out from the University of Nottingham School of Physics and Astronomy, specializes in developing wearable brain imaging systems using quantum sensing technology. Cerca’s wearable brain scanner, based on magnetoencephalography, utilizes quantum sensors to measure neural activity with high precision.

David Woolger, CEO and co-founder of Cerca Magnetics, expressed his excitement about the investment, stating, “This funding allows us to advance into clinical applications, scaling our technology for routine use in hospitals both in the UK and internationally. Our mission is to enhance accessibility to advanced brain imaging, facilitating early diagnosis and improved treatment of neurological conditions.”

The company’s innovative system replaces traditional fixed scanners with lightweight wearable sensors called optically-pumped magnetometers. This design allows patients to move naturally during scans, making brain imaging more accessible to children, including infants, for the first time.

Cerca Magnetics’ technology is currently being utilized for conditions such as epilepsy, multiple sclerosis, and dementia. The company is progressing through clinical approval pathways in both the UK and the United States.

With a focus on global expansion, Cerca Magnetics has already sold 19 systems to neuroscience centers in 12 countries, including renowned institutions across North America, Europe, Asia, and Australasia. The company has achieved over 100% annual sales growth in the past three years.

Ashley Abrahams, Head of Origination at Guinness Ventures, commended Cerca Magnetics for addressing a critical need in brain imaging. He believes that the company’s technology, which combines scientific depth with practical usability, positions it well to become a leader in next-generation neuroimaging.

Collaborating with research institutions, healthcare providers, and government partners worldwide, Cerca Magnetics has established a strong customer base. Notable partnerships include working with The Hospital for Sick Children (SickKids) in Toronto for autism research and a UK Ministry of Defence project focusing on assessing blast exposure effects on military personnel.