Newfund Closes €60M BrainTech Fund HEKA

The fund will invest in early-stage startups building technologies that combine neuroscience with AI, including brain-computer interfaces, neural data systems, and tools designed to enhance or interpret human cognition.

Paris-based early-stage venture capital firm Newfund has reached a final close for HEKA, its €60 million fund dedicated entirely to BrainTech, making it the first European vehicle focused exclusively on the sector.

HEKA launched in June 2023 with an initial €20 million and reached its final close after approximately three years of fundraising. The fund is classified as an Article 9 fund under the European SFDR regulations, meaning it carries a formal sustainability mandate. Its LP base draws from roughly 100 family offices and entrepreneurs within Newfund’s existing network, with François Véron, Managing Partner at Newfund, noting that every founder who generated returns with the firm since 2020 has reinvested into HEKA.

The fund is investing in up to 25 startups across neurology, psychiatry, advanced imaging, AI diagnostics, digital therapeutics, and cognitive health, with typical cheque sizes of $1–3 million at the seed stage. Investment decisions are made in partnership with the FondaMental Foundation, which provides clinical evaluation of portfolio companies.

The fund’s current portfolio stands at nine companies, eight of which are already operating in the United States. Two received FDA clearance in 2025. Portfolio companies include Raidium, Diagnoly, Reev, and Inside Therapeutics, working across radiology AI, fetal abnormality detection, stroke triage, and post-stroke rehabilitation. Finnish startup Soihtu Dtx, which treats depression through video games, is also in the portfolio. Three portfolio companies have been accepted into Stanford’s StartX accelerator.

The strategic rationale for HEKA is rooted in a documented gap: Newfund’s own data shows BrainTech attracted $4.2 billion globally in 2025, with $3.6 billion, roughly 85%, going to US-based companies. HEKA is built to help European founders access that capital concentration, using Newfund’s Palo Alto office, 50 US portfolio companies, and a 20-year American network to bridge the two markets.

Anne-Sophie Saint-Martin, Partner at Newfund and the fund’s investment lead, said the focus is on companies where rigorous science and commercial ambition operate together, with a particular emphasis on helping European founders reach the US market, achieve FDA approval, and find American customers.

The news is based on publicly available information. NervNow has not verified the details independently.

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