PRESS RELEASE
February 15, 2023
MindAffect awarded Eurostar Grant for MAHDs – a groundbreaking EEG based Hearing Diagnostic System
With approximately 175 million disabled adults in Europe and the US, the system will fill a very important diagnostic and screening system gap in the market. Today’s systems require a consistent patient response – which is very challenging for the elderly and the disabled individuals who are at high risk for hearing impairment. As a result, today’s response-based systems underserve these patient groups.
Unaddressed hearing loss poses an annual cost of over $980 billion from higher health care, education, and societal costs as well as productivity losses. The impact in Europe alone is estimated to be $225 billion. A study from Johns Hopkins University found an up to five times greater risk between degree of hearing loss and risk of developing dementia. Several other studies have found that undiagnosed hearing loss increased depression, anxiety, and other psychosocial disorders and depression.
MAHDs will provide the adult “hard-to-test” market with fast, automatic, response-free hearing diagnostic testing.
Jennifer Goodall, CEO MindAffect: “We are extremely pleased to have been selected for such an exciting and prestigious grant which will help support our final years of R&D for the MAHD system. It is the vision of MindAffect to create a hearing diagnostic systems for patients who are underserved with today’s current “Raise your hand when you hear the Beep’ technology.”
MindAffect, a BCI/AI Healthtech company specializing in software development of hearing/vision diagnostic systems, is delighted to have received the Eurostars Eureka Grant for MAHDs – an groundbreaking EEG-based Hearing Diagnostic System. With the help of our neurotechnology partner, BitBrain, we are extremely enthusiastic about working together to develop, certify and ultimately commercialize the system.
Originally focused on creating a brain response-based communication system for ALS patients who were confined, MindAffect has since developed purely brain response-based diagnostic systems. The venture is currently developing the next generation of hearing and vision diagnostic systems with top medical and business partners.
María López, CEO BitBrain: “We are delighted to have been awarded the Eurostar Eureka grant together with MindAffect. The partnership with the funding from the grant will be highly supportive for us to keep developing innovative neurotechnology solutions for the hearing market.”
Eurostars is part of the European Partnership on Innovative SMEs which is co-funded by the European Union through Horizon Europe. Eurostars is a funding instrument that supports innovative SMEs and project partners (large companies, universities and research organisations by funding international collaborative R&D and innovation projects. By participating, organisations can access public financing for international collaborative R&D projects in all fields. A successful Eurostars project must be a well-defined project/process that can be easily commercialized to scale quickly and efficiently with strong international collaboration.
ABOUT BITBRAIN
BitBrain is a dynamic neurotechnology company that combines neuroscience and artificial intelligence with software and hardware to develop high-tech EEG brain-sensing devices and other monitoring technologies for digital health and research in neuroscience, brain-computer interfaces (BCI), consumer research, and cognitive enhancement. The objective is to develop accessible neurotechnology devices that help to better understand human behavior and improve people’s lives.
FOR MORE INFORMATION
NLC – The European Venture Builder
Anne Reijns
Marketing & Communications Lead
anne.reijns@nlc.health
MindAffect
Jennifer Goodall
CEO
jennifer@mindaffect.nl