Actipulse Neuroscience

Early Stage

Bringing neuromodulation treatment for depression, from the hospital to the home


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Cambridge, Massachusetts


Healthcare & Pharmaceuticals

Tech Sector


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Actipulse Neuroscience, with a $10 million valuation cap, is raising crowdfunding on Republic. The company has developed its proprietary neuromodulation medical device to treat the major depressive disorder in hospital settings. The business also aims to bring non-invasive treatment to patients’ homes. Adrien Chatillon founded Actipulse Neuroscience in June 2019. The current crowdfunding round has a minimum raise of $25,000 and a maximum raise of $1,070,000, and the funds will be used to expand the business beyond the US and the LATAM markets. Actipulse Neuroscience has generated $2 million in lifetime revenues and has been profitable since 2019. The hospital-setting devices generate $30,000 per end-user per year.

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Financials as of: 07/05/2021
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Mental health includes emotional, psychological, and social well-being. Mental illnesses are common in the US. According to the CDC, more than half of Americans will be diagnosed with a mental illness at some point in their lives. One of the most common mental health illnesses in America is clinical depression, or major depressive disorder. It can involve a range of symptoms such as irritability and a lack of energy.

Neuromodulation is a new form of treatment for mental illness that’s being developed. According to the International Neuromodulation Society, neuromodulation is the alteration of nerve activity through targeted delivery of electric or pharmaceutical stimuli. In many cases, neuromodulation treatment is more effective than traditional drug therapy and psychotherapy when treating psychiatric disorders. Currently, the majority of neuromodulation treatments are available through hospitals because the equipment is complicated and/or unwieldy for individual use.   

Actipulse Neuroscience has developed a proprietary neuromodulation device to treat major depressive disorder. The company began by offering its device for in-hospital use but now intends to bring the treatment into individual’s homes. The at-home device is a simple headpiece that the user wears twice a day over a time period to treat their depression. The device transmits information to the user’s doctor, who can monitor the treatments to ensure there are no issues or side effects. Actipulse is currently seeking FDA approval for its at-home device. It intends to conduct a clinical trial in 2022 and receive approval in 2023. 

Actipulse Neuroscience’s current Republic raise has been rated a Deal to Watch by the KingsCrowd investment team.    


Actipulse Neuroscience’s current SAFE round has a $10 million valuation cap.The company brought in just over $248,000 in revenue last year, which yields a 40x revenue-to-valuation multiple. That multiple is slightly high, even for the medical technology industry. However, a $10 million valuation cap is in line with other early stage startups that are currently seeking funding online. Thus, Actipulse’s price score is around average.


The total demand for psychiatric treatment has grown during the pandemic, but neuromodulation treatment is still relatively new for the public. Neuromodulation devices are primarily used in hospitals today. The global neuromodulation devices market is growing annually at a rate of 9.5% and is expected to reach $9.3 billion by 2026. However, the neuromodulation devices market could arguably have a higher growth potential, particularly for at-home devices. The pandemic does not seem likely to end in the near future, which makes seeking treatment at home a favorable alternative to going out in person. The at-home neuromodulation devices market has yet to be tapped, so current market estimates may not entirely capture the potential for future growth. Based on the current size and growth rate of the neuromodulation market, Actipulse Neuroscience receives an average market rating.


CEO Adrien Chatillon, Chief Medical Officer (CMO) Gabriel Villafuerte, and COO Daniel Gomez co-founded Actipulse Neuroscience in 2017. Chatillon is a serial entrepreneur with eight years’ entrepreneurship experience. He holds a master’s in international business degree from Grenoble Graduate School of Business. Chatillon has developed managerial skills working at multiple companies in seven different countries. 

CMO Gabriel Villafuerte is a licensed medical doctor with a PhD in neuroscience. He supports the company’s technical development. His research has been published in journals and focuses on using neuromodulation to treat neurodegenerative diseases that reduce cognitive and motor symptoms. Villafuerte’s technical expertise directly resulted in Actipulse’s technological advancements with neuromodulation devices. 

COO Daniel Gomez has 15 years of business operations and marketing experience. He is the primary force in marketing and sales at Actipulse, making sure that the company reaches its milestones. Despite his significant contributions to the company, he is not solely dedicated to Actipulse. Gomez also currently holds a position leading business-to-business purchases at

Actipulse has strong founders with complementary skill sets. In addition, Actipulse has 21 team members, two strategic advisors, and one medical advisor. Therefore, it receives a very strong team rating.


There are a few medical device manufacturers that focus on noninvasive treatment options for depression. The leading company in this space is Brainsway. Brainsway developed its flagship technology of deep transcranial magnetic stimulation, which is proven to be effective. However, Brainsway’s transcranial magnetic stimulation technology is expensive for hospitals to operate, especially since the equipment requires the presence of a physician during treatment. In comparison, Actipulse sells its devices to hospitals at only $12,000 per device, and physicians are not required for operation. 

At-home neuromodulation devices are an emerging market. There are some other startups that are also offering at-home devices, but no major competitors have established themselves at this time. Thus, Actipulse is an early mover in the at-home neuromodulation market. Furthermore, the company has secured patents for its technology, which contributes to the company’s defensibility. 

Overall, Actipulse is strongly differentiated from its competitors in terms of price and product use. Therefore, it receives a high differentiation score.


Currently, Actipulse Neuroscience generates its revenue primarily from its business-to-business distribution channel in Mexico. As of June 2021, Actipulse’s lifetime revenue is $2 million. The company has been profitable since 2019 and retained profitability despite a revenue drop in 2020. Additionally, Actipulse has only raised $140,000 in total prior funding. It is impressive for a  medical technology startup to have come so far with so little funding. The company also has low amounts of debt — $266,000 in both short-term and long-term debt.

It is rare for an early stage startup to be profitable, a point which makes Actipulse stand out. As a result, the performance score for the company is quite high.


An investment in Actipulse Neuroscience comes with a high amount of risk. The biggest area of concern is funding. Actipulse has brought in little prior funding. FDA approval for its at-home device is at least two years away, possibly more. The company could find itself in need of additional funds as it completes the necessary clinical trials and regulatory hurdles. If Actioulse is able to maintain profitability, this risk will be somewhat offset.  

Timing is another risk for Actipulse. The company still needs to attain FDA approval for its at-home device. While it is aiming for clearance in 2023, there’s no guarantee the company will achieve that goal. Until then, Actipulse will be reliant on business-to-business (B2B) sales of its devices to hospitals. A B2B sales cycle takes longer to complete than selling directly to consumers. If Actipulse struggles to close sales or find new customers, time could become a major concern for it.

Lastly, investors should consider this round’s investment terms. Actipulse is offering a SAFE with no discount. The lack of discount makes this round less favorable for investors, increasing the risk score.

Bearish Outlook

Actipulse Neuroscience must clear multiple regulatory hurdles in order to bring its at-home neuromodulation device to market. The company is set to begin clinical trials in 2022 and hopes to achieve FDA approval in 2023. That timeline is not guaranteed to happen, and delays to approval will directly impact the go-to-market timing of Actipulse’s at-home devices. Additionally, the at-home neuromodulation market is undeveloped at this time. Actipulse will likely need to spend money on marketing in order to introduce its products to the public. Lack of marketing or poor marketing could result in the company seeing limited traction for its device.

Bullish Outlook

Actipulse Neuroscience is one of the first movers for at-home neuromodulation devices. It has proven the effectiveness of its devices within hospitals and achieved profitability off that early success. With its at-home device, the company intends to address the rising demand for mental health treatment in the comfort of consumers’ homes. If it achieves FDA approval in 2023, Actipulse could become a major name in the at-home neuromodulation market. This path to success is aided by the strong trio of co-founders who bring medical, entrepreneurship, and operational experience to the company.

Executive Summary

Actipulse Neuroscience has developed neuromodulation devices that treat major depressive disorder. It sells neuromodulation treatment devices to hospitals and is currently developing a device for at-home use. The market has huge growth potential, especially since at-home neuromodulation is an emerging trend. Actipulse has been profitable since 2019, with $2 million in lifetime revenue. The company’s at-home device is one of the first movers in the market, and it is on its way to FDA clearance. In addition, Actipulse has a solid founding team with managerial experience and technical expertise. Due to all these reasons, Actipulse Neuroscience is rated as a Deal to Watch by KingsCrowd’s investment team.

For questions regarding the KingsCrowd staff pick or ratings for this company, please reach out to

Analysis written by Zee Zhong.

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