Lumus Investment Collective brought together 8 angel investors to back Iluria - a digital healthcare company providing remote patient monitoring solution for mental health disorders. Iluria's first software solution provides decision support tools for parents, patients and clinicians.
Iluria was founded in 2018 by Birkat Klimshtein-Levy and Hagay Levy, a husband-and-wife team and parents to four children. Birkat and Hagay developed an intimate acquaintance with the poor and 'trial and error' based monitoring tools used for determining the treatment efficacy of mental health disorders. One of their children was diagnosed with ADHD at an early age. Following the diagnosis, the child started taking medication to treat the disorder. However, it was very hard to understand the efficacy of the medication since he became calmer and less impulsive during classes, so it was assumed the medication is working properly. However, the learning difficulties were not addressed properly since the attention level remained low.
"We noticed no personalization of the medicine to fit children's different and specific needs other than the child's age and weight. This treatment was more hit-and-miss, more an art than a science. "
Then Klimshtein-Levy and her husband came up with the idea of a software that will monitor physiological parameters such as movement, angular movement, changes in heart rate, skin temperature, and more, using a smart wearable device. They conducted pre-clinical measurements as well as two clinical trials, in Israel and the US with excellent results. And that's how Iluria was born. The mission of Iluria is not to replace physicians but to be a supportive tool for parents, patients as well as for physicians when they make decisions.
We are very excited about this investment opportunity not only because of the team full of experienced professionals but also because of the problem they are solving.
The number of children diagnosed with ADHD has been rising rapidly over the last few decades. Currently, ADHD affects over 128 million children and continues into adulthood.
One of the most important thing about ADHD treatment is the continuous monitoring of treatment. Current monitoring processes are mostly based on subjective, manual questionnaires provided by educators and parents. This leads to an inefficient "trial and error" approach, resulting in poor treatment monitoring and enormous costs. Iluria uses a machine and deep learning-based engine that analyses physiological parameters changes to provide objective monitoring to all relevant stakeholders.
Iluria already secured dilutive investments in an aggregate amount of $850k, from a Dallas, Texas-based VC/accelerator and angel investors from the US, Israel, and Europe. The proceeds for this round will help Iluria to launch its MVP.
And that's something that makes us very excited! 🚀
The investment was supported by excellent work by our legal partner - Eldison.