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Mind Tracking solutions based on capturing involuntary small eye movements

Finish date: 31/05/2016 Barcelona

Premoney valuation


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Exit horizon


The project

Braingaze was born as a spin-off from the University of Barcelona and is currently about to launch its first product to the market, along with the development of a pipeline of 6 additional products. The company is exploiting a patent on the predictive role of small eye vergence movements in the brain processes of attention or emotions. Braingaze's software processes data gathered through an "eye tracker" (a small device connected to a computer) in a way that, using a playable test, the potential disease can be quantitatively diagnosed

Braingaze's tracking technology reveals what the brain is actually paying attention to, which has an inifinite number of applications in medicine, marketing and many other fields. 


The test being launched soon is used to diagnose Attention deficit hyperactivity disorder (ADHD). It consists of a 15-minute test that can be easily monitored by a nurse and played by both kids and adults. 

Business opportunity

Generally speaking, the mental healthcare area has very few resources to objectify its diagnostics, which is also the cause of most long-term /years) pharmacological treatments in teenagers and kids. ADHD is one of the most common developmental disorders in children (6-8% prevalence), which will have a statistically higher risk of criminality, addiction and professional failure. 

Current diagnostic tests only quantify the symptoms of the disorder, and current diagnostic protocoles incurr in a 15% failure rate, according to scientific studies, while costing 300-800€ per person. Braingaze's test is fast, easy, cheap and precise. It also provides a higher acceptance from parents because of its quantitative nature, reduced costs and earlier diagnostic. Furthermore, Braingaze's platform is highly versatile, and can potentially diagnose many other cognitive disorders, such as autism, dyslexia and ODD. 

'An objective diagnostic for ADHD based in Braingaze's vergence marker would allow us to:  

•Reduce the number of hours and visits needed to diagnosis ADHD.

•Establish a more objective diagnostic, which would improve validity and trust. This may provide a higher acceptance from the parents, and avoid delaying therapeutical intervention. 

•Reach an early diagnostic.

Josep Cañete, head of the Psychiatry department at Hospital de Mataró



'Attention tests currently available (mostly CPT computer tests) are few and have a limited specificity and sensitivity'. 

Dr Mats Johnson, Chief doctor, coordinator of the child neuropsychiatry department, Queen Silvia Hospital (Göteborg) 

Investment & Exit

The company uses a 'pay-per-test' model in combination with a renting model to cover the cost of the clinical equipment. In the proposed financial plan the company would start generating profit starting 2018 by exploiting about 200 systems implemented in mental health clinics during the first three years; generating 6.000 euros each in revenue every year with our pay-per-test model, and €169 monthly for the renting of the equipment. While the renting provides a very limited margin (we offer a minimum price to facilitate implementation), the sale of test reports has a very high margin. Braingaze's system uploads the data obtained in the clinic to the company's cloud server. Using this data, advanced algorhythms in our servers generate a comprehensive pdf report. This report is automatically uploaded on to the server of the corresponding client, who will be able to present and comment the results just a few minutes after the test has taken place. for every report issued to the clinic, Braingaze charges €50.

Braingaze aims to raise €200.000 in equity in the present financing round; and this investment will leverage public funds like an ENISA loan for €200.000. The company also expects to raise $200.000 from the NIH in the US and €1M from the Bill&Melinda Gates Foundation in 2016. 

ROI for those investing in March 2016 with a pre-money valuation of €2M up to the exit in 2021 with a valuation of €35M will be of 1392%, in a 5 year period.


Laszlo Bax: Entrepreneur. Master in ‘Industrial Design Engineering’ from the Delft University of Technology obtained 1991. Created various innovative high tech companies most of which are still profitable and operating today. EU-wide network of innovation and R&D senior management inside companies such as Procter & Gamble, BASF, Philips, Siemens, Fiat Chrysler. Proven ability to drive hightech teams to business success.

Dr. Hans Supèr: Professor, senior researcher of VISCA lab at the University of Barcelona. Specialist in neurosciences, obtained his license and doctorate degree from the Free University of Amsterdam. More than 20 years of experience in neuro-cognition around the visual system. Has published in Science and Nature Neuroscience journals. 

The two entrepreneurs have established a team of expert clinicians, mathematicians, programmers and game developers. The company is currently in the process of hiring senior professionals (ex Grupo Ferrer, ex GlaxoWellcome, ex IMS Health) for the commercialization of medical products in the fields of psychiatry, psychology and neurology in Spain, UK and the Netherlands (Braingaze's launch markets). 

Partners & Associates

Josep Cañete: clinical practice (head of dept child psychiatry Consorci Sanitari del Maresme)

Thomas Maas: product design & development including UX (head of EMEA team software development & UX at 3scale)

Xavier Luria: regulatory affairs (ex director scientific affairs EMA, founder / director DDR consulting)





Braingaze's software captures small involuntary eye vergence movements that occur while we observe visual stimuli. The patterns of these small vergence movements are indicators of attention, memory or emotional response. For the analysis we use the existing Tobii hardware with Braingaze's software to represent visual stimuli, capture data and present results. 

The eye vergence movement captured by Braingaze is strongly related to the neuro-cognitive patterns of vision, which enable precise and reliable diagnostics:

Braingaze uses this scientific principle to develop diagnostic solutions for clinical use. An ADHD test for children is our first market product, offering a precision of 88% in difficult cases (presence of many co-morbidity cases, in a clinical and psychiatric context) and over 96% of precision in a school framework (distinguishing healthy individuals from those with ADHD). These levels are above current market tests. Furthermore, doctors value that our system captures involutary and unconscious aspects of visual cognition in the brain. This distinguishes from tests that only capture the ability to focus in a somewhat boring task, or that quantity head or leg movement in children. 

Using other visual stimuli (other videogames) to generate the ocular micro-movements we study, we are capable of using the same patented concept to create diagnostic tests for other disorders such as dylsexia, autism, adult ADHD or ODD. We are exploring the possibility to use this technology in early detection of Alzheimer's disease. 


It is estimated that the market for automated diagnostic tests for ADHD is worth as much as $800 million a year, considering it is a growing field in some European countries. 

The company plans to follow a strategy of progressive expansion, which will be split in three phases. In Q1 2016 the test will be launched in 3 European countries, during 2016 in Germany, and in 2017-2018 in the United States. 

For the rest of the cognitive disordes we are working on, the market is similar with that of ADHD, in terms of size and geographical distribution. Altogether represents a market of billions of euros as of today; with a growth trend of 5-8% per year according to the market studies for the drugs associated with its treatments. 

Marketing & sales

Braingaze has developed a marketing & sales strategy that combines "classical" sale of diagnostic products with online sale when it can be done. To install our systems in mental health cllinics, we approach clinical professionals (psychiatrists, clinical psychologists, neuro-pediatricians) through traditional channels (specialised press, congresses, visits, online & offline communication campaigns). We've hired professionals with a long experience in this field to implement optimal approaches. We have thus acquired a base of clinical systems installed in various countries. Marketing and sales of the tests (which generates recurring revenue) is mostly done by digital means. Inlaid in the clinical system we have an "online test shop", through which the clinician can acquire new tests and also increase the number of disorders that he/she can detect, under a new videogame. Tests are sold and charged with a price of €50 per test. We offer discounts to the clinics for a certain number of prepaid tests. 

Health visitors who have sold the instalation of the clinical system keep in touch with each clinical user to make sure that it is uses and frequently the tests relevants for their clinic. The incentives for the commercial team are related not to the sale of systems, but to the sale of tests, which generates most of Braingaze's margin. 


Braingaze is currently pre-marketing the clinical ADHD test for children aged 7-14. In order to successfully launch the product, we need the investment specified in this crowdfunding campaign. Once the investment has been obtained (and leveraged with an ENISA loan) the actual marketing and sales campaign will begin. In parallel, we will continue the development/clinical validation of the rest of tests in our pipeline. Some of them could be launched late 2016; others in 2017 or even (in the case of autism/Alzheimer's) in 2018. 

In 2018 we are planning to initiate talks with the FDA to introduce our ADHD product in the American market; using the clinical data obtained in the study with the KOL Steve Faraone ( funded by the NIH. The same year we will have sold 200 clinical systems in Spain, the UK, the Netherlands and Germany. The entrance in the American market, together with our growth other markets (both existing and new, such as South Korea) will double the number of systems sold in 2018-2019.

The key to our business model is that each system installed becomes a recurrent source of revenue thanks to the sale of reports and diagnostic tests. Our launchin campaign plans to install in the next 3 years 200 systems in 4 European countries. Starting 2019 we will enter the American market. 



In 2016 we plan to sell around 40 systems. According to our financial plan, the company would start being profitable towards the end of 2018 with sales of 200 systems during the first three years; with each system generating €6.000 of recurrent reveneue in the pay-per-test model, plus €2.000 of renting revenue. 

Detailed financial forecast:


In 2014 the company generated modest sales of €11.000; received €215.000 in soft loans and equity investment. That same year it invested €50.000 in the cognitive vergence patent, which in combination with further expenses of €92.000 generated a loss for 2014 of €81.000. In 2015 its revenue was €101.000 (including bills payed by the Bill & Melinda Gates Foundation), and €40.000 in grants were received. With expenses of €246.000, the company generated a loss of €105.000. .

Investment details

Braingaze wants to raise €200.000 in the present financing round; which will be leveraged with a €200.000 soft loan by ENISA. This cash injection will make the execution of our marketing & sales plan possible, while helping advance the rest of products in our pipeline. We will generate market traction, which largely increases the value of any startup. With this crucial advancements, a new round of €1.000.000-€1.500.000 will be raised in 2017, which will increase the number of markets we sell, including the United States (where direct presence in Boston will be established) and indirect presence with "value added resellers" in specific Asian countries (Japan, South Korea) and LATAM (Chile, Brazil, Argentina). 

The value forescasted for the company is: 

Exit details

Starting 2020, Braingaze will have a substantial revenue stream and interesting margins, while the company will still grow geographically and the launching of new products. This will concur with the increasing interest of "big corporates" for mental health and the analysis of mental health (and consumer insights) using innovate approaches like ours. In this context Braingaze plans to start dialogues with major players that act worldwide with a possible sale of the company. 

In 2013, the American company Biobehavioral Diagnostics, which produced a single diagnostic system without patent protection and selling in the US only, was bought by Pearson for about US$35M. 

Our goal is to at least match that price, while the company has a much larger potential than BioBdx in its time. An alternative would be to make an IPO in NASDAQ or AIM.

This scenario would mutiply by 14x the investment done in March 2016, with an exit expected in 2021. 


Lead Investors:

David Cayuelas has 10 years of experience in finance. During his career he has working for top multinational corporations in the energy and fashion business as a financial controller