FastWave Medical is a Brooklyn Park, Minnesota–based medtech startup creating a surgical device intended to simplify and improve procedures for patients with severe arterial disease. Co-founded and led by CEO Scott Nelson, the company’s core product is still under development; specific clinical or commercial metrics have not yet been disclosed. In 2021 the company secured a $12 million strategic investment from China-based Grand Pharmaceutical Group to advance its R&D and regulatory pathway. Since that financing, Grand Pharmaceutical has withheld further capital and declined to cooperate with a required regulatory filing that would let FastWave bring in new investors. As a result, FastWave is now navigating that regulatory process on its own while fielding interest from additional backers. Nelson has also expressed concern that Grand’s parallel investment in a Chinese firm developing similar technology could jeopardize FastWave’s intellectual property and competitive position. The company’s immediate focus is resolving the legal hurdles so it can reopen fundraising and continue product development toward clinical and commercial milestones.

Total raised

$31M

Funding rounds

2

Latest round

Equity

Latest activity

Nov 2025