NeuraLace Medical is a San Diego–based medical device startup founded in 2016 by Shiv Shukla that is developing Axon Therapy, a magnetic-field device intended to stimulate damaged nerves and relieve chronic pain. The device is designed to "trick" the brain by stimulating the nerve causing pain, offering a non-opioid treatment option. After seven years of work the company received a notice of allowance from the U.S. Patent and Trademark Office. NeuraLace is pursuing FDA 510(k) clearance and Shukla anticipated approval could come as soon as Q2 2020. The company raised $3.85 million in seed funding and plans to use roughly $1.1 million for hardware and software development, with the remainder allocated to its FDA application, clinical studies, and building units for commercial launch. With the new funding NeuraLace intends to add five contract software engineers and a full-time senior sales leader, and previous investors have doubled down. NeuraLace Medical develops non-opioid pain reduction treatments focused on chronic nerve pain. Its first commercial product, Axon Therapy, uses targeted pulsed magnetic fields to stimulate and reactivate damaged nerves to manage pain. The company intends to secure FDA 510(k) approval and to launch Axon Therapy using the funds. Once approved, Axon Therapy devices will be manufactured by D&K Engineering in San Diego. The company is led by founder and CEO Shiv Shukla. It raised $2M in funding to support regulatory clearance and product launch.

Total raised

$6M

Funding rounds

2

Latest round

Seed

Latest activity

Jun 2019