Bridgewater, N.J.-headquartered Jogo Health, which has developed a device to manage chronic pain and other medical conditions, has closed a $5.5 million funding round led by Californian venture firm Hourglass Ventures. Mayo Clinic’s venture unit also participated.
The medtech firm said it would also open up investment to retail investors via the crowdfunding platform Wefunder. The move is being taken under a Regulation CF community investment round. Reg CF allows companies to raise up to $5 million over the course of a year from retail investors who can put in as little as $100.
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Jogo was co-founded in 2016 by the duo of CEO Sanjai Murali, an Indian-American with degrees in engineering, and president Siva Nadarajah, a Sri Lankan-American engineer. The company has raised $15.9 million from investors so far, including a Series A round in 2021.
Both Murali and Nadarajah have previously co-founded firms. Murali co-founded and ran the drug-discovery firm Neural Therapeutics for six years, while Nadarajah sold his AI healthcare startup Semantelli to IQVIA, a clinical research organization.
“Jogo is founded on the vision of ‘by the world, for the world,’ and opening our investment round to retail investors on Wefunder is a crucial step towards realizing this vision,” said Murali.
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Device Has Multiple Use Cases
Using sensors and artificial intelligence, Jogo-Gx leverages the brain’s natural neuroplasticity to treat pain and other conditions. The company says the wearable can help in recovery of stroke patients and manage pain in cancer patients. The device is also touted for a clutch of medical conditions, including incontinence, migraine, chronic back pain, chronic fatigue syndrome and erectile dysfunction. Jogo-Gx, which works alongside a medical app, is an FDA 510K exempt device.
Over 25,000 patients in more than 50 U.S. hospitals, including Mayo Clinic, Mount Sinai Hospital, and Brigham and Women’s Hospital, have been treated with Jogo-Gx. Murali, who serves as Jogo’s CEO, said the capital raised would support the commercial launch of its flagship device, called Jogo-Gx.
The company’s name is derived from the first names of two pioneering doctor-engineers — Gordon Silverman, professor emeritus and chair of Electrical and Computer Engineering at Manhattan College, and the late Joseph Brudny, former director of the Sensory Feedback Unit at ICD Research and Rehabilitation Center in Manhattan. The two contributed significantly to the understanding of electromyography, which measures muscle response or electrical activity in response to a nerve’s stimulation.
