US-based neuromodulation device developer Neuspera Medical completed a $26m series B round yesterday, raising an extra $12m from investors including 6 Dimensions Capital, the investment firm co-founded by pharmaceutical firm WuXi AppTec.
Action Potential Venture Capital, Windham Venture Partners, Delta Capital, Purple Arch Ventures and unnamed additional investors also backed the second tranche, which followed $14m from the same investors in February 2018. The 2018 funding was announced at the time as the full $26m amount.
Founded in 2013, Neuspera Medical has developed hermetically sealed implants that are just a few millimetres in size – more than 100 times smaller than conventional neuromodulation devices – and can, for example, be used to pace a heart or treat neurological disease.
The Mid-Field Powering technology uses the body as a natural waveguide to focus electromagnetic waves from a transmitter on the outside of the skin on to the implant, and is able to penetrate bone, fat and muscle.
A single transmitter is able to power multiple implants, and the technology is expected to be easier to implant, reducing complications and post-surgical pain.
The additional series B capital will be used to advance Neuspera’s clinical programs. The extension was triggered after the company reached unspecified product development and regulatory milestones.
Neuspera received $8.9m in series A funding from Action Potential Venture Capital and Windham Venture Partners in 2016, having previously secured $1m in angel funding.
Milton Morris, Neuspera’s president and chief executive, said: “We have been keeping pace with our primary objective to bring forward the beneficial outcomes of neuromodulation treatment to more patients struggling with chronic and debilitating diseases.
“We continue to see broad support and interest in our program as we effort to bring this technology forward to improve patient care and outcomes.”
The original version of this article appeared on our sister site, Global University Venturing.
