Shiratronics, a US-based startup developing a migraine headache-treatment system, has closed a $33m series A round that included medical device producer LivaNova.
Venture capital firms US Venture Partners (USVP) and Strategic HealthCare Investment Partners (SHIP) co-led the round with Amzak Health, a vehicle for asset manager Amzak Capital Management, while Aperture Venture Partners and an unnamed academic institution also took part.
Spun off from medical device accelerator NuXcel earlier this year, Shiratronics is working on a device that will treat migraine headaches through neuromodulation, a process where nerve activity is stimulated in order to trigger beneficial reactions within the body.
Lynn Elliott, the recently hired president and CEO of Shiratronics, said: “We look forward to partnering with such an experienced investor group led by USVP, Amzak and SHIP. This financing provides us the necessary resources needed to develop and advance a novel therapy in the clinics.”
USVP general partner Casey Tansey is joining the company’s board of directors together with Joyce Erony, managing partner of Amzak Health, and Brad Vale, founder and general partner of SHIP.
LivaNova’s participation in the round follows an investment in EEG technology developer Ceribell, a commitment to VC firm Sofinnova Partners’ MD Start III fund and the acquisition of a portfolio company, sleep apnoea device provider ImThera Medical, in the past two years.
