Participated · Series C · Sep 2025

Galvanize Therapeutics develops and commercializes a pulsed electric field (PEF) platform that uses non-thermal, short-duration, highly focused electrical pulses to modulate biologic processes. Its lead programs include the Aliya® PEF system for solid tumors and RheOx® therapy for chronic bronchitis. The company is commercial-stage and intends to expand its commercial footprint in the United States. Galvanize plans to advance clinical and development activities across its oncology and chronic lung disease programs. Management says it will continue to innovate its novel, non-pharmacologic PEF platform to address unmet needs in patients underserved by pharmaceutical approaches. The company is based in Redwood City, California. Galvanize Therapeutics commercializes the Aliya Pulsed Electric Field (PEF) energy platform, a non-thermal high-voltage, high-frequency electrical system designed to alter cellular physiology for ablation and drug delivery. The company has multiple product lines: RheOx for chronic bronchitis (CE Mark, launched in select European hospitals), CENTAURI for cardiac arrhythmias (CE Mark, launching in Europe), and the Aliya system for soft tissue ablation (recent U.S. FDA 510(k) clearance, launching at select U.S. hospitals). Galvanize is also studying Aliya in immuno-oncology (preclinical and early clinical signals of immune activation) and developing a local drug-delivery system. The company was formed by ATP in 2022 through the merger of Gala Therapeutics, Galaxy Medical, and Galvanize Therapeutics and is headquartered in San Carlos, Calif. Management says it is investing to prove safety and demonstrate enhanced outcomes in initial clinical targets while exploring additional platform applications.

Participated · Series D · Aug 2025

SetPoint Medical is a commercial-stage medical technology company headquartered in Valencia, Calif., focused on therapies for chronic autoimmune diseases. Its FDA‑approved SetPoint System is the first neuroimmune modulation therapy for adults with moderate-to-severe rheumatoid arthritis, providing a device-based alternative for patients who do not respond to or cannot tolerate biologic or targeted drug therapies. The company’s proprietary integrated neurostimulation platform is designed to activate innate anti-inflammatory pathways in the vagus nerve to reduce inflammation and restore immunologic setpoint. Proceeds from the recent financing will support commercialization of the SetPoint System in select U.S. markets this year and broader national expansion in 2026, and will also fund advancement of the company’s pipeline in other autoimmune conditions. SetPoint plans to evaluate its platform for additional indications including multiple sclerosis and Crohn’s disease. In conjunction with the fundraise the company expanded its leadership team and board to support commercialization and market access efforts. SetPoint Medical is a privately held clinical-stage healthcare company focused on treating chronic autoimmune diseases. The company is developing a novel platform that stimulates the vagus nerve to activate the inflammatory reflex and produce a systemic immune-restorative effect. The SetPoint system is a miniaturized stimulation device placed on the vagus nerve through a small incision on the left side of the neck in an outpatient procedure and delivers stimulation on a preset schedule. The platform is being developed as an alternative for patients with rheumatoid arthritis who have an incomplete response to or are intolerant of biologic drugs, and is also intended for inflammatory bowel disease and other chronic autoimmune conditions. SetPoint is advancing the RESET-RA study and preparing U.S. FDA regulatory submissions and early commercialization for the RA indication. Financially, the company recently announced an $80 million equity financing and expanded a senior secured term loan facility of up to $65 million with Runway Growth Capital to support development and early commercial activities. SetPoint Medical develops a bioelectronic medicine platform designed to stimulate the vagus nerve and activate the body’s inflammatory reflex to produce a systemic immune‑restorative effect for chronic autoimmune diseases. The company is pursuing electrical‑pulse therapies as a potentially safer, lower‑cost alternative to drugs and biologics for conditions including rheumatoid arthritis and inflammatory bowel disease. SetPoint is clinical‑stage and is advancing its technology through the RESET‑RA study, which will evaluate safety and efficacy in patients with moderate‑to‑severe RA. The $35 million financing announced will support the ongoing RESET‑RA trial and other development activities. SetPoint is privately held, was founded in 2007, and is based in Valencia, California. The articles do not disclose revenue or user metrics. SetPoint Medical is a privately held, clinical‑stage bioelectronic medicine company developing a platform that stimulates the vagus nerve to activate the inflammatory reflex and reduce systemic inflammation. The company is initially focused on a less immunosuppressive therapeutic option for patients with rheumatoid arthritis (RA) and is also developing applications for inflammatory bowel disease and other chronic autoimmune conditions. SetPoint’s investigational device is intended to offer an alternative to biologic and targeted drug therapies with potentially lower risk and cost. The company has received Breakthrough Device designation from the U.S. FDA for use in RA patients who are incomplete responders to, or intolerant of, multiple biologic drugs. Proceeds from the financing will support the RESET‑RA multicenter, double‑blind, randomized, sham‑controlled pivotal trial that will enroll up to 250 patients at 40 U.S. sites to evaluate safety and effectiveness. SetPoint converts neurostimulation of the vagus nerve into a systemic immune‑restorative effect and is positioning its platform toward regulatory‑pathway clinical validation. SetPoint Medical is developing a proprietary bioelectronic medicine platform that uses a small implanted device to activate the body’s Inflammatory Reflex and produce a systemic anti-inflammatory effect. The company’s core product is an implanted stimulator that targets the vagus nerve as an alternative to drug therapies for chronic inflammatory diseases. SetPoint has published positive results from a first‑in‑human proof‑of‑concept trial in rheumatoid arthritis in PNAS and presented positive data at the American College of Rheumatology meeting. The company positions its approach as potentially lower risk and lower cost compared with current biologic treatments. SetPoint plans to use the new financing to advance clinical development and enable its next clinical trial in rheumatoid arthritis. It is a privately held company focused on commercializing bioelectronic medicines for debilitating inflammatory diseases.

Participated · Series E · Mar 2025

Shoulder Innovations is a medical device company focused on shoulder arthroplasty that designs and commercializes implants and systems for shoulder replacement. Its core product platform centers on the patented InSet™ glenoid design, which testing has shown can significantly reduce glenoid implant micro-motion and simplifies the surgical technique, potentially reducing complications and increasing implant longevity. The company has also developed an anatomic reverse shoulder system designed to work with and maximize the available rotator cuff rather than substitute for it. Shoulder Innovations says it has expanded its product line and strengthened its sales organization and has emerged as a pure‑play leader in shoulder arthroplasty. Financially, the company closed a $40 million Series E equity financing led by U.S. Venture Partners to support commercialization and product development. Proceeds will be used primarily to advance commercialization of the InSet™ Total Shoulder and Reverse Shoulder Arthroplasty Systems, support new product development, and for general corporate purposes. Shoulder Innovations Inc. (SI) is a privately held medical device company based in Grand Rapids, Michigan and described as a leader in the shoulder replacement implant market. The company develops shoulder replacement implants and is supported by a broad team of innovators with experience in the shoulder space. SI announced it has closed an oversubscribed $42 million Series D financing. The financing round was led by Gilde Healthcare Partners. Returning investors included US Venture Partners, Lightstone Ventures and the cultivate (MD) Accelerator Capital fund; new investors include Gilmartin Capital and Aperture Venture Partners. The article does not disclose revenue, user metrics, or detailed use of proceeds. Shoulder Innovations develops a glenoid fixation solution for anatomic shoulder arthroplasty, commercialized as the InSet glenoid. Founded in 2009 and based in Holland, Mich., the company secured issued patents, 510(k) clearance and published multiple peer‑reviewed articles supporting the technology. In 2015 Genesis Innovation Group partnered with the company to provide capital and operational leadership, and Shoulder Innovations recorded its first commercial sale of the InSet glenoid in 2016. Continued investment led by Genesis and its cultivate(MD) Capital Funds and leadership from industry veterans supported ongoing growth and innovation. The company is led by CEO Rob Ball and has completed a $21.6M equity financing to further commercialization. The financing also prompted expansion of the board to six members, including new Series C representatives and two independent directors. Shoulder Innovations is a Holland, Mich.-based medical device company that develops and commercializes shoulder replacement systems. Led by Executive Chairman Rob Ball, the company leverages a patented inset glenoid design to commercialize a shoulder replacement implant system focused on improving outcomes related to glenoid loosening. It designs and commercializes innovative products aimed at improved patient care and reduced overall cost to the healthcare system. The company closed a $2.5M Series A equity funding round and intends to use the funds to accelerate new product development and to acquire inventory and assets to accelerate growth of its current Inset platform technology.

Participated · Equity · Jan 2025

Alleviant Medical develops the Alleviant System, a minimally invasive, no-implant atrial shunt designed to relieve excess pressure by creating a temporary connection between the left and right atrial chambers. The procedure is one-time and leaves no permanent implant behind. The Alleviant System has received U.S. FDA Breakthrough Device designation for both major forms of heart failure. The company is running pivotal clinical programs across the full spectrum of heart failure, with ALLAY-HF evaluating patients with preserved ejection fraction (HFpEF) and on track to finalize enrollment within the next year. The new program, ALLAY-HFrEF, will investigate patients with reduced ejection fraction (HFrEF) and is planned as a prospective sham-controlled pivotal trial. Alleviant is headquartered in Austin, Texas. Alleviant Medical is developing the Alleviant System, a minimally invasive, implant-free interatrial shunt intended to decompress the left atrium and treat chronic heart failure. The company has FDA Breakthrough Device designation (2021) and received an IDE approval in November 2022 to support clinical investigation. Clinical studies to date have enrolled 38 heart failure patients, showing functional and symptomatic improvement with shunt durability confirmed through six months and sustained improvement through 12 months. Alleviant will use the new financing to fund ALLAY-HF, a global, prospective, multicenter, randomized, sham-controlled, double-blinded, adaptive pivotal trial enrolling 400–700 patients with HFpEF and HFmrEF. The trial’s composite primary endpoint analysis will be conducted at one year and is designed to demonstrate safety and effectiveness of the Alleviant System. The company is headquartered in Austin, Texas and is backed by a syndicate of institutional and strategic healthcare investors.

Participated · Equity · Jul 2024

Kestra Medical Technologies develops wearable medical devices and digital healthcare solutions. The company reported strong commercial momentum and attractive unit economics, according to CEO Brian Webster, and plans to continue investing in growth strategies. The newly arranged term loan was used in part to retire a prior $45 million term loan and to cover fees and expenses. Kestra has access to staged tranches of capital that include funded and optional amounts, plus an acquisition-focused uncommitted tranche subject to lender consent. The financing structure includes interest-only payments for the first 48 months (with a possible 12-month extension tied to a revenue milestone) and interest at SOFR plus 5.5% with a SOFR floor of 3.25%.