US-based neuromodulation device developer Neuspera Medical has raised $26m from investors including 6 Dimensions Capital, which is backed by medical research firm WuXi PharmaTech, for the first close of its series B round.
Action Potential Venture Capital, Windham Venture Partners, Delta Capital and Purple Arch Ventures also participated in the tranche, which was led by 6 Dimensions, the investment firm formed by firm WuXi PharmaTech and venture capital firm Frontline BioVentures.
Founded in 2013, Neuspera Medical is developing technology that manipulates the direction of electromagnetic waves within the human body, facilitating the wireless transfer of electricity to miniaturised neuromodulation devices such as pacemakers.
Neuspera’s approach simplifies the surgical installation process by removing the need for an embedded pulse generator in such devices and reducing the likelihood of the patient experiencing pain or complications.
The technology is based on research by Ada Poon, a principal investigator in Stanford’s Integrated Biomedical Systems department, and her then-PhD candidate John Ho, who went on to become an assistant professor at the National University of Singapore in 2015.
The company will use the capital to fund product development in preparation for clinical trials of its neuromodulation technologies. Ching Zhu, a managing partner at 6 Dimensions Capital, has joined Neuspera’s board of directors.
Neuspera had previously raised $8.9m in series A round featuring Action Potential Venture Capital and Windham Venture Partners in mid-2016, following $1m in angel funding.