US-based medical device producer Neuronetics closed a $15m series G round on Tuesday backed by Pfizer Venture Investments and GE Ventures, investment subsidiaries of pharmaceutical firm Pfizer and conglomerate General Electric respectively.
Ascension Ventures, the corporate venturing arm of health system Ascension, also took part, as did Accuitive Medical Ventures, Interwest Partners, Industry Ventures, Investor Growth Capital, KBL Healthcare Ventures, New Leaf Venture Partners, Onset Ventures, Polaris Venture Partners and Three Arch Partners.
Founded in 2003, Neuronetics has developed transcranial magnetic stimulation technology dubbed NeuroStar Advanced Therapy that works as a drug-free therapy for patients suffering from major depressive disorder who have not found relief from medication.
The non-invasive technology relies on MRI-strength magnetic field pulses and has been cleared by US regulator the Food and Drug Administration. It is able to treat patients in under 19 minutes, depending on a doctor’s recommendation.
Neuronetics has now secured a total of $186.5m in funding. Pfizer Venture Investments and GE Ventures also contributed to its $34.3m series F round in 2015, alongside the company’s original investor base, the details of which were not disclosed.
Pfizer had previously co-led a $30m series E round in 2011 with Polaris Venture Partners that included Investor Growth Capital, New Leaf Venture Partners, Three Arch Partners, Interwest Partners, Onset Ventures and Quaker BioVentures.