A Richmond-based company that has developed a medical test to assist with the diagnosis and prognosis of concussions has attracted $23 million from investors to help advance its research.
BrainBox Solutions announced it had closed on a $23 million Series A financing round — the company’s largest-ever investment round — to support the clinical development of the company’s test for mild Traumatic Brain Injury, or TBI, which can affect more than 5 million people a year and cause long-term cognitive problems.
BrainBox is based in the Virginia Bio+Tech Research Park in downtown Richmond. The startup company was spun off in 2018 as a separate business from ImmunArray, another biotech firm in Richmond that developed a proprietary test to rule out the presence of the autoimmune disease lupus in blood samples.
The TBI test developed by BrainBox uses several inputs to assess a brain injury, including a panel of blood biomarkers as well as neurocognitive testing. The company is working in partnership with BrainCheck Inc., based in Houston, Texas, on those tests.
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