Minneapolis-based neuromodulation technology developer iVEAcare announced today that it raised $27.5 million in a Series A financing round.
iVEAcare spun out from NuXcel, a medical device accelerator. It seeks to develop and commercialize next-generation neuromodulation technologies to treat chronic diseases.
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The company also named Todd Kerkow as its new president and CEO. A medical device industry veteran, Kerkow spent nearly three decades in the industry. His experience spans companies including Guidant, Cameron Health, Boston Scientific and Cardionomic.
Vensana Capital led the financing round, while Treo Ventures, Hatteras Venture Partners and an undisclosed strategic partner participated.
“We are very fortunate to have such an experienced medical device investor group supporting iVEAcare, and I look forward to partnering with them to develop this novel neuromodulation technology,” Kerkow said in a news release. “This Series A financing enables iVEAcare to deliver innovative neuromodulation therapy to patients and clinicians.”
Vensana Capital Partner Amrinder Singh and Managing Partner Kirk Nielsen called neuromodulation “one of the most exciting frontiers in medicine.” They view iVEAcare’s technology as a potential best-in-class therapy set to impact the lives of “countless” patients.
“We are very excited to see the third spin-off from NuXcel attract support from a syndicate comprised of such seasoned investors. We look forward to working with our co-investors and the iVEAcare team to develop this impactful therapy,” added Treo Ventures General Partner, Tracy Pappas, and iVEAcare co-founder & Chair, Mudit Jain.
