US healthcare company Medtronic is coming in alongside other existing investors in the $30m round for Spinal Modulation, including Johnson & Johnson Development Corporation, the corporate venturing arm of the eponymous healthcare products company.
Other investors that participated in the round were venture capital firms: DeNovo Ventures, DFJ ePlanet Ventures, InCube Ventures, Kleiner Perkins Caufield & Byers, MedVenture Associates and Raffles Venture Partners.
Spinal Modulation raised $27.4m in series C financing in 2009. It also raised $7m in series A funding in 2006, according to data provider Crunch Base. The amount it raised in series B funding is undisclosed. This means the company has raised at least $64.4m in its history. Spinal Modulation did not respond to request for comment.
Spinal Modulation is developing a system designed to treat chronic pain related to the spinal cord.
David Wood, president and chief executive of Spinal Modulation, said: "I am very pleased to have Medtronic join our current investors in this round of financing. We are encouraged by the early clinical results with our fully implantable system and look forward to providing physicians new options to care for their patients suffering from chronic pain."