Transcranial magnetic stimulation device developer Brainsway has raised $8.5 million, according to a report from Globes Israel.

The round was joined by The Phoenix Holdings and IBI Investment House, which has an existing 8% stake in the company.Israel-based Brainsway is developing magnetic stimulation helmets for treating neurological and psychiatric disorders, according to Globes Israel.

The company reported $7.5 million in revenue for the first nine months of 2017 from sales of its transcranial magnetic stimulation device designed to treat depression, according to the report.

Brainsway has since switched from a business model of selling the machines to rental business model which caused a drop in its second quarter revenue but a recovery to $3 million during the third quarter, Globes Israel reported.

The company expects to receive a response to its FDA application as it looks to clear its magnetic stimulation helmets for the treatment of obsessive compulsive disorder, according to the report.