Israeli startup Brainsgate has completed a $4 million seed financing round, TheMarker has learned.

The round, conducted at a $5 million pre-money company value, was led by the Pitango venture capital fund.

Brainsgate is developing technology to transfer medications into the brain by circumventing the blood-brain barrier.

The barrier prevents large molecules from entering the central nervous system through the vascular system.

Brainsgate was established in 2000 by physicist Yossi Gross and MD David Yarnitzky, who manages the neurology department at Rambam hospital, Haifa.

Gross co-founded another company, VisionCare Ophthalmic Technologies, which develops implants to improve vision.