Led · Series A · Apr 2025

SecondWave Systems is a clinical-stage medical device company focused on creating noninvasive ultrasound therapies for inflammatory disorders. Its flagship product, the SecondWave MINI™, is a first-of-its-kind wearable device that uses proprietary ultrasound technology to stimulate the spleen and modulate inflammatory responses. The company aims to offer patients and physicians a new option for managing acute and chronic inflammation, including conditions such as rheumatoid arthritis. Current efforts center on clinical studies to validate the platform’s safety and efficacy across multiple inflammatory indications. Proceeds from its ongoing financing will accelerate product development, clinical trials, and eventual commercialization. Based in St. Paul, Minnesota, SecondWave collaborates with an experienced syndicate of medical-technology investors to bring its therapy to market. No revenue or user metrics have been disclosed, reflecting the company’s pre-commercial stage of operations.

Participated · Series B · Oct 2024

ShiraTronics develops a Migraine Therapy System that delivers neurostimulation intended to reduce headache days and attack severity and improve quality of life for chronic migraine patients. The company reported encouraging reductions in headache days, decreased migraine severity, and improved quality-of-life scores in its first-in-human pilot study. ShiraTronics received Breakthrough Device designation from the FDA's CDRH in 2021. It is now running an FDA-approved pivotal trial (RELIEV-CM2), a multi-center, blinded, randomized, sham-controlled study targeting patients who have failed current medical therapies. The company plans to use new funding to support that pivotal trial, pursue FDA premarket approval, and fund the initial commercial launch of its therapy. Rob Binney serves as CEO and is leading the company through these regulatory and commercialization milestones. ShiraTronics is a Brooklyn Park, Minnesota-based private medical device company focused on an innovative therapy for migraine headaches. The company is developing and clinically testing a neuromodulation technology as its core product. ShiraTronics was spun off from NuXcel, an electrical medical device accelerator. The company is led by President and CEO Lynn Elliott and co-founder and Chairman Mudit K. Jain, PhD. It completed an additional $3M Series A, bringing the Series A to $36M, and intends to use the funds to further accelerate its path to market. ShiraTronics is a Minneapolis-based private medical device company developing an innovative neuromodulation approach to treat migraine headaches. The company is focused on developing and clinically testing its neuromodulation technology. ShiraTronics was seeded in 2019 as a spin-off from NuXcel, a medical device accelerator managed by co-founder Mudit K. Jain, PhD, and Lynn Elliott. Lynn Elliott joined as President and CEO, with Mudit K. Jain serving as co-founder and Chairman of the Board. Prior to the Series A the company was backed by Strategic HealthCare Investment Partners (S.H.I.P.). In October 2019 ShiraTronics completed a $33M Series A financing to advance its clinical development.

Led · Series A · Oct 2024

InterVene, based in Redwood City, CA, is a clinical-stage medical device company focused on interventional technology for treatment and prophylaxis of causes of chronic venous insufficiency (CVI), with emphasis on severe deep venous disease. Its core product, the Recana catheter system, is designed to recanalize and restore patency in chronically obstructed deep veins and venous stents, particularly when recanalization capabilities are limited or when long-term chronic stent maintenance is necessary. Recana utilizes standard Fluoroscopy/IVUS-guided interventional techniques and can be incorporated by vascular specialists already performing deep vein thrombosis (DVT) treatment and deep venous stenting. Led by CEO Jeff Elkins and staffed by interventional cardiovascular professionals, the company was formed with assistance from the Stanford Biodesign Fellowship program and was a former Company-In-Residence at the Fogarty Institute for Innovation. InterVene plans to use the funding to finalize Recana development, initiate clinical cases, pursue regulatory submission and U.S. market clearance, and prepare for initial commercialization. Proceeds will also support post-market clinical research. InterVene's BlueLeaf Endovenous Valve Formation System is the first catheter-based solution for deep vein reflux (DVR) designed to form new venous valves from a patient’s own vein wall tissue without an implant. The system allows physicians to fashion autogenous valves intended to reduce retrograde blood flow and alleviate symptoms of chronic venous insufficiency (CVI). The BlueLeaf technique is predicated on the Maleti Neovalve open-surgical procedure but mechanizes and miniaturizes it to avoid open surgery, enable multiple valves in a single procedure, and improve repeatability. Approximately 6.5 million Americans suffer from DVR and moderate to severe CVI, indicating a substantial addressable patient population. InterVene plans to expand its clinical research program abroad and to initiate U.S. trials via an Investigational Device Exemption study while optimizing the system and procedure. The company has recently expanded its management team, adding COO Jeff Elkins and VP clinical affairs Tracy Roberts to support clinical and commercial development. InterVene has developed a minimally invasive, catheter-based therapy that creates venous leaflets from the intima of a patient’s own vein wall to function as one-way deep vein valves. The device is non-implantable and is predicated on the open-surgical Maleti Neovalve procedure, aiming to restore normal venous pressure and prevent blood pooling that leads to venous ulcers. The company plans a two-stage clinical trial to demonstrate clinical functionality and acute safety. The initial closing of $5.9 million in Series A funding will support those trials. InterVene originated from the Stanford Biodesign Fellowship and advanced through work with The Fogarty Institute for Innovation. The company is based in Mountain View, Calif., and is moving to a new facility in Silicon Valley.

Led · Series D · Jul 2024

Neuspera Medical is developing implantable neuromodulation devices intended to improve the lives of patients battling chronic illnesses. The company is advancing a discreet, minimally invasive, ultra-miniaturized implant designed to provide patients personal control and relief from urinary urge incontinence (UUI), a symptom of overactive bladder (OAB). The Neuspera System includes an ultra-miniaturized pulse generator attached to an electrode array. Led by CEO Steffen Hovard, the company emphasizes minimally invasive, patient-controlled therapy. Neuspera recently raised $23M in a Series D financing and intends to use the funds to further enhance growth through expected U.S. Food and Drug Association (FDA) premarket approval (PMA) of its system. Neuspera Medical is a San Jose, Calif.-based, clinical-stage, venture-backed medical device company that engineers miniaturized implantable neuromodulation technologies. The company leverages both exclusively licensed and proprietary power transfer techniques to build its platform. Its lead indication is Urinary Urgency Incontinence, a symptom of overactive bladder, and it describes its products as part of bioelectronic medicines. Neuspera intends to use the Series C proceeds to conduct the SANS-UUI pivotal clinical study. The company is led by Milton M. Morris, Ph.D., President & CEO. It closed a $65M Series C equity financing in July 2021. Neuspera Medical is a clinical-stage neuromodulation company based in San Jose, CA. The company engineers miniaturized implantable neuromodulation technologies using exclusively licensed and proprietary power transfer techniques. Its technology platform, described as bioelectronics medicines, aims to provide patients and physicians less invasive, more adaptable, and potentially earlier treatment options. Neuspera is led by Milton M. Morris, Ph.D., President & CEO. The company intends to use the financing to advance its clinical programs for its implantable neuromodulation technology platform. Neuspera focuses on product development and regulatory programs tied to milestone-driven funding tranches. Neuspera Medical is a clinical-stage medical device company based in San Jose, California that develops miniaturized implantable neuromodulation technologies. It engineers hermetically sealed implantable modules using exclusively licensed and proprietary power transfer techniques. The company describes its modules as more than 100 times smaller than other neuromodulation devices and says they may reduce implant procedure complexity, patient complication, and post-surgical pain. Neuspera positions its products within a bioelectronics medicines technology platform. Led by President & CEO Milton M. Morris, Ph.D., the company focuses on advancing product development and clinical programs. It held the initial closing of a $26M Series B equity financing to support those efforts.

Participated · Series A · Apr 2024

iVEAcare is a development-stage medical device company based in Roseville, MN, developing an innovative neuromodulation therapy to address unmet clinical needs impacting large patient populations. It focuses on developing and commercializing technology platforms to treat patients suffering from chronic diseases. The company is led by newly appointed President and CEO Todd Kerkow and co-founder & Chairman Mudit Jain. iVEAcare is the third spin-off from NuXcel, a medical device accelerator managed by Mudit K. Jain and Lynn Elliott and backed by Treo Ventures. In April 2024 it raised $27.5M in a Series A to expand operations and development efforts. The company intends to use the funds to broaden development activities and scale operations as it advances its therapy.