US-based healthcare company Johnson & Johnson´s corporate venturing unit has led a $58m round raised by US based medical device company Nevro.
Johnson & Johnson Development Corporation joined the round, which also included existing corporate backer Mayo Clinic, a US-based medical company, and venture capital firms Aberdare Ventures, Accuitive Medical Ventures, Bay City Capital, MPM Capital and Three Arch Partners.
In 2010 Nevro said it had raised $20m of a planned $21m round in a Securities and Exchange Commission filing. Separately in September 2008 Nevro raised $21.7m from undisclosed investors, according to one SEC filing, as well as raising $7m of a planned $45.3m fundraising according to an August 2008 filing. A Nevro spokesman said the company has raised $105m in its history.
Nevro said the latest funds would be used for a clinical study in the US and to suppor the company’s international commercialisation strategy.
It was founded in 2007 and provides chronic pain relief through technology which stimulates a person’s neurological system, so called "neuromodulation technology".