Australia-based medical device producer Saluda Medical secured A$53m ($40m) in a funding round yesterday led by Action Potential Venture Capital, a bioelectronic medicines-focused vehicle of pharmaceutical firm GlaxoSmithKline.
Medical device maker Medtronic also participated in the round alongside other, unnamed backers.
Founded in 2013, Saluda Medical is working on closed-loop neuromodulation technologies to treat conditions such as chronic back pain. The company’s first device, the Evoke Spinal Cord Stimulation System, automatically adapts electrical stimulation to a patient’s neural response in real-time.
The company is seeking regulatory approval in Australia and in the EU, and is currently undertaking a clinical trial to gain regulatory approval in the US.
The funding will support the US clinical trial and a commercialisation of the Evoke product in Europe and Australia.
Medtronic was listed as a returning shareholder for the latest round, though its previous involvement could not be ascertained.
Biosciences Managers previously led a $10m series B round in 2015, with participation from unnamed backers. Saluda does not appear to have disclosed details about other funding rounds.