US-based migraine treatment developer Shiratronics has boosted a series A round featuring medical device producer LivaNova to $36m after raising $3m from early-stage investment fund Breakout Ventures.
The round’s $33m first close took place in October 2019 and was co-led by venture capital firms US Venture Partners (USVP) and Strategic HealthCare Investment Partners (SHIP) together with Amzak Health, a vehicle for asset manager Amzak Capital Management.
The initial tranche also included healthcare-focused investment firm Aperture Ventures and an unnamed academic institution.
Founded in 2019 as a spinout of SHIP-backed medical device accelerator NuXcel, Shiratronics is developing a medical device that treats migraines using neuromodulation, a process that stimulates nerve activity.
Chronic migraines disproportionately affect women and have few available treatments. About one-fifth of women suffer from the condition compared with one in 15 men, according to the UK’s National Health Service.
Shiratronics expects Breakout’s investment to progress its device toward the clinic in line with its go-to-market strategy.
Lynn Elliott, ShiraTronics’ president and CEO, said: “We are thrilled to be partnered with such an experienced investor group led by USVP, Amzak, and SHIP. This important financing from Breakout Ventures provides us additional resources needed to develop and advance a novel therapy for migraine headache in the clinic.”