Nervonik announced that it closed a $13 million Series A funding round to support its opioid-free peripheral nerve stimulation (PNS) system.
U.S. Venture Partners (USVP) led the round for the Los Angeles-based company. Foothill Ventures, Correlation Ventures and other investors participated, too. The funding follows earlier SAFE and convertible note financings worth $4.4 million.
Related: Flosonics Medical raises $5.2 million for wearable ultrasound tech
Nervonik plans to use the proceeds to advance its clinical studies, accelerate regulatory clearance and prepare for commercialisation efforts.
At the end of last year, Nervonik said it completed the first-in-human clinical study of its PNS device. The startup designed its proprietary system to enhance therapy outcomes in the treatment of chronic pain. Nervonik’s device applies highly controlled electrical currents to peripheral nerves to modulate pain signals and provide pain relief.
In the study, investigators connected the leads to miniaturised implantable pulse generators (IPGs) powered by a small, programmable wearable device. The team customsed stimulation parameters for each patient through a dedicated app to achieve optimal effectiveness.
“We are excited to receive this strong support from top institutional investors as we push forward in advancing peripheral nerve stimulation technology,” said Aydin Babakhani, founder and CEO of Nervonik. “This financing advances our mission to bring a novel solution to millions of people suffering from chronic pain.”
