SoundCure Secures $3MM Funding Led by Allied Minds to Commercialize Next Generation Tinnitus Therapy
29-Mar-2011
San Jose, CA – SoundCure formally closes a $3MM round of funding to help launch the commercialization of a novel sound based tinnitus therapy first developed at the University of California at Irvine. Allied Minds, Inc. led the financing. SoundCure’s tinnitus therapy pioneered by Dr. Fan-Gang Zeng at UCI with research funded by the American Tinnitus Association has shown great success in bringing relief to sufferers of tinnitus. The SoundCure technology utilizes unique tones and sounds customized to an individual’s own tinnitus to help quiet the ringing. The proprietary SoundCure audio stimuli are designed to be presented at a softer level than the patient’s tinnitus to lower the patient’s overall sound burden and reduce or eliminate the perception of tinnitus. The new funds will be used to realize an aggressive commercialization plan that brings with it a new medical device capable of delivering the suite of SoundCure’s tinnitus therapies and directly address tinnitus in an approach to quiet and control the symptoms of tinnitus.
“The university is pleased with Allied Minds' continued commitment to developing this important technology that resulted from academic research into a therapy that has the potential to benefit patients suffering from tinnitus,” says Assistant Vice Chancellor, Ronnie Hanecak, at the Office of Technology Alliances at UC Irvine. CEO of Allied Minds, Chris Silva, cites the development of SoundCure as “yet another example of the Allied Minds model creating value and addressing unmet needs by bringing groundbreaking research at major Universities into commercial reality.”
About SoundCure
SoundCure is focused on developing and commercializing a novel acoustic therapy for the treatment of tinnitus (ringing in the ear). The company will partner with audiologists, MD’s and patient advocacy groups and leverage innovative web-based technologies to treat patients and provide tinnitus solutions. Tinnitus is a debilitating disease that affects an estimated 262 million people worldwide. SoundCure was formed by Allied Minds, a capital investment firm, based on technology first pioneered by researchers at University of California, Irvine who discovered a relation between certain tonal algorithms and specific therapeutic effects.
About Allied Minds
Allied Minds is a private equity-funded innovation company with offices in Boston and Los Angeles. The Company creates startup businesses based on early-stage technology developed at renowned U.S. universities and national labs, and serves as a holding company that supports these businesses with capital, management and shared services. Allied Minds is the premier firm to utilize this novel and fully integrated approach to technology investing. The Company’s subsidiary investments span multiple business sectors and offer an attractive risk-return profile, a deliverable timeline and potential products that will be groundbreaking in their respective fields. These subsidiaries include Biotectix, Cephalogics, CryoXtract, Illumasonix, ProGDerm, Precision Biopsy, RF Biocidics, SaltCheck, SciFluor Life Sciences, SiEnergy Systems, SoundCure and Spin Transfer Technologies. For more information, please visit www.alliedminds.com
About the UC Irvine, Office of Technology Alliances
The UCI Office of Technology Alliances (OTA) exists to foster faculty/industry alliances and commercialization of UC Irvine technology for the broad public benefit. OTA emphasizes accessibility, timeliness, and flexibility in its operations and negotiations to ensure that the federal, state and private investment in UCI research has the greatest possible positive impact on people and the economy.
For more information;
Bill Perry, General Manager
SoundCure Inc., an Allied Minds company
Tel: +1 (408) 938-5745
bill.perry@soundcure.com
Ronnie Hanecak
Assistant Vice Chancellor
University of California, Irvine
Office of Technology Alliances
Tel: +1 (949) 824-1233
rhanecak@uci.edu
“The university is pleased with Allied Minds' continued commitment to developing this important technology that resulted from academic research into a therapy that has the potential to benefit patients suffering from tinnitus,” says Assistant Vice Chancellor, Ronnie Hanecak, at the Office of Technology Alliances at UC Irvine. CEO of Allied Minds, Chris Silva, cites the development of SoundCure as “yet another example of the Allied Minds model creating value and addressing unmet needs by bringing groundbreaking research at major Universities into commercial reality.”
About SoundCure
SoundCure is focused on developing and commercializing a novel acoustic therapy for the treatment of tinnitus (ringing in the ear). The company will partner with audiologists, MD’s and patient advocacy groups and leverage innovative web-based technologies to treat patients and provide tinnitus solutions. Tinnitus is a debilitating disease that affects an estimated 262 million people worldwide. SoundCure was formed by Allied Minds, a capital investment firm, based on technology first pioneered by researchers at University of California, Irvine who discovered a relation between certain tonal algorithms and specific therapeutic effects.
About Allied Minds
Allied Minds is a private equity-funded innovation company with offices in Boston and Los Angeles. The Company creates startup businesses based on early-stage technology developed at renowned U.S. universities and national labs, and serves as a holding company that supports these businesses with capital, management and shared services. Allied Minds is the premier firm to utilize this novel and fully integrated approach to technology investing. The Company’s subsidiary investments span multiple business sectors and offer an attractive risk-return profile, a deliverable timeline and potential products that will be groundbreaking in their respective fields. These subsidiaries include Biotectix, Cephalogics, CryoXtract, Illumasonix, ProGDerm, Precision Biopsy, RF Biocidics, SaltCheck, SciFluor Life Sciences, SiEnergy Systems, SoundCure and Spin Transfer Technologies. For more information, please visit www.alliedminds.com
About the UC Irvine, Office of Technology Alliances
The UCI Office of Technology Alliances (OTA) exists to foster faculty/industry alliances and commercialization of UC Irvine technology for the broad public benefit. OTA emphasizes accessibility, timeliness, and flexibility in its operations and negotiations to ensure that the federal, state and private investment in UCI research has the greatest possible positive impact on people and the economy.
For more information;
Bill Perry, General Manager
SoundCure Inc., an Allied Minds company
Tel: +1 (408) 938-5745
bill.perry@soundcure.com
Ronnie Hanecak
Assistant Vice Chancellor
University of California, Irvine
Office of Technology Alliances
Tel: +1 (949) 824-1233
rhanecak@uci.edu
