Aleva Neurotherapeutics, a Switzerland-based medical device company focused on brain implants, has raised $18m in a series C round led by medical device manufacturer Greatbatch.
BioMedPartners, BB Biotech Ventures, Banexi Ventures, Initiative Capital Romandie and a range of family offices including Kinled Holding and Forrestal Capital also contributed funds.
The money represents a first close for the round.
Greatbatch’s commitment follows a strategic development, supply and manufacturing agreement signed with Aleva in February 2016. As part of that partnership, Aleva will also integrate its technology with neurostimulation platform Nuvectra, a spinout of Greatbatch.
Aleva was spun out of Ecole Polytechnique Fédérale de Lausanne’s Microsystems Laboratory in 2008 and is based on research by Philippe Renaud.
The company is working on implants for deep brain stimulation that have applications in the treatment of neurological conditions such as Parkinson’s disease.
The money will allow Aleva to seek regulatory approval in the EU for its technology in 2017.
The company previously closed an $8m series B round in 2014, according to its website, though it has not revealed further details.
In 2012, the company obtained SFr4m ($4m) in series B capital. The round was led by Banexi and also included BioMedInvest, BB Biotech and Initiative Capital Romandie. BioMedInvest, BB Biotech and Initiative Capital Romandie previously also co-led a $9.5m series A round in 2011.