Firefly Neuroscience has announced the acquisition of Evoke Neuroscience, in a move to expand its database, intellectual property (IP) portfolio, and commercial presence.
Evoke is a company focused on creating and marketing medical devices that support thorough evaluations of brain health. Firefly, a Nasdaq-listed firm, specialises in artificial intelligence (AI) to develop solutions aimed at enhancing brain health outcomes for individuals with neurological and mental disorders.
This acquisition is part of Firefly’s strategy to develop a proprietary foundation model of the human brain through its US Food and Drug Administration (FDA)-cleared Brain Network Analytics (BNA) technology.
The transaction involves a payment of $6m, divided equally between cash and common stock at $3.5 per share, with a potential earn-out for Evoke’s investors contingent on achieving revenue targets.
Evoke CEO and CSO David Hagedorn said: “Over the past 16 years, we have generated approximately $30m in total revenues while also amassing the largest known collection of EEG/ERP electrophysiology data via our proprietary hardware and software developed to aid in the diagnosis of brain disorders and disease.
“Given the obvious technological, clinical and commercial synergies between Evoke and Firefly, we believe this transaction represents a natural and important evolutionary step for both companies as we work together to establish a strong and growing business for all of our shareholders.”
The acquisition is expected to significantly enhance Firefly’s resources. It adds more than 180,000 standardised electroencephalogram/event-related potential (EEG/ERP) assessment records to its database.
The deal also increases Firefly’s patent holdings to 27 and expand its commercial user base to over 60 sites. These enhancements represent substantial growth for Firefly, with database records more than doubling, patent holdings tripling, and commercial users growing tenfold.
Firefly’s BNA technology is designed to improve brain health outcomes for patients with neurological and mental disorders such as depression and ADHD.
BNA employs AI and machine learning on a comprehensive database of EEGs and ERPs from over 17,000 patients across twelve disorders. This technology provides clinicians with detailed insights into brain function for better diagnosis and treatment planning.
Firefly CEO Greg Lipschitz said: “As our already unparalleled BNA database continues to grow with each new clinical study and/or clinical assessment in which our respective technologies are used, and armed with vital access to NVIDIA’s advanced software development resources, industry-leading frameworks and software development kits, we believe this acquisition of Evoke represents a key step toward Firefly fulfilling its goal of building the world’s first EEG /ERP-based foundation model of the human brain.”
In February 2025, Firefly joined the NVIDIA Connect programme to further support its strategic initiatives. This programme offers advanced software development resources and tools that are expected to aid in developing the brain model using BNA technology.
Benefits include technical training and engineering advice to enhance product development efficiency.
Firefly is launching BNA commercially targeting pharmaceutical companies involved in drug research and clinical trials, as well as medical practitioners for clinical applications. The integration of BNA with an FDA-cleared EEG system aims to enhance clinicians’ diagnostic capabilities and optimise treatment outcomes.
