Intelect Medical, a Cleveland developer of neuromodulation devices for the treatment of brain injury, raised $7 million in a second funding round. The company is currently exploring ways of using deep-brain stimulation, in which implanted electrodes zap particular regions of the brain with calibrated jolts of electricity, in order to rehabilitate brains damaged by injury or stroke. DBS — which is sometimes described as a “pacemaker for the brain” — is currently approved for the treatment of Parkinson’s disease and various forms of tremor.
Medical-device companies Boston Scientific and Greatbatch funded the round. In 2005, Intelect raised $3 million in a first round from Biomec, a device maker that was later acquired by Greatbatch.
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