Autonomic Technologies, the US-based developer of a microstimulator treatment for headaches, closed a $38m series D round today backed by medical research firm Cleveland Clinic and pharmaceutical company Novartis.
Venture capital firm Edmond de Rothschild Investment Partners, syndicated with Forbion Capital Partners, led the round, which also included Kleiner Perkins Caufield and Byers (KPCB), InterWest Partners and Aberdare Ventures.
Autonomic’s lead product is a microstimulator that is being developed to treat autonomic disorders such as severe headaches. Its Pulsante device has been approved to treat chronic cluster headache in Europe, and is undergoing studies in the US.
The funding will support the conclusion of the US study, as well as commercialisation of Pulsante in Europe, where Autonomic has established a subsidiary in Germany.
Ben Pless, Autonomic’s president and CEO, said: “We are now well financed to further build out our leadership position in the growing field of neurostimulation in headache, expanding our launch to other countries in Europe and expanding the clinical evidence base of our minimally invasive treatment into other indications.”
Novartis participated in the series D round through its Novartis Venture Fund unit, having co-led Autonomic’s $32m series C with Aberdare in 2011. That round also featured Cleveland Clinic, KPCB, Versant and InterWest Partners.
Autonomic has now raised $95m since it was founded in 2007. Its earliest backers are Cleveland Clinic and KPCB, the investors in its $5m series A round.