Nalu Medical has announced the closing of an incremental US$20 million in equity financing from new investor B Capital, bringing its total Series E round of equity investment to US$85 million. According to a press release, this funding will be used to support the expansion of the company’s Nalu neurostimulation system—a minimally invasive, non-pharmacologic solution intended to treat chronic neuropathic pain.
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The Series E round was led by Novo Holdings, with US$65 million of the total closing in late-December 2023. Also participating in the round were all existing significant investors: Gilde Healthcare, MVM Partners, Endeavour Vision, Decheng Capital, Longitude Capital, Advent Life Sciences, Pura Vida, and Aperture Venture Partners.
“The Nalu team is committed to addressing the unmet needs of patients suffering from chronic intractable neuropathic pain,” said Tom West, president and chief executive officer of Nalu. “We believe that our highly capable technology and uniquely small implant will elevate the standard of care in peripheral nerve stimulation (PNS) while being disruptive to the established spinal cord stimulation (SCS) market. We are proud that our efforts serve the greater wellbeing of patients who suffer from chronic pain, and we are grateful for B Capital’s support in fulfilling and accelerating our mission.”
“The unique, clinically proven Nalu neurostimulation system has the potential to address the unmet needs of millions who suffer from chronic neuropathic pain,” added Robert Mittendorff, head of healthcare and general partner at B Capital. “We look forward to partnering with Nalu’s talented management team and strong syndicate of investors at a time of high revenue growth and potential for the company.”
The proceeds from this financing will be used to accelerate commercial growth, expand clinical and health-economic evidence, continue product development, and scale operations, according to a Nalu press release. The company says it will continue to invest in building clinical data that provide physicians with clear evidence of its benefits while also serving as the basis for expanded access and payer coverage.
