Sleep apnea therapy maker XII Medical closed a Series B equity financing worth proceeds of $45 million. Omega Funds led the financing, while new investor Intuitive Ventures also joined in the round. Existing investors including founding investor Cleveland Clinic, Ajax Health, Longview Ventures, Aperture Venture Partners, JobsOhioGrowth Capital Fund and an undisclosed strategic investor all participated.
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Union City, California–based XII Medical develops what it describes as a state-of-the-art, patient-centric neuromodulation therapy system. It designed the technology to enhance the quality of life for people with obstructive sleep apnea (OSA). The neuromodulation platform could attempt to rival that of Inspire Medical Systems, another company utilizing neuromodulation to offer an alternative to traditional CPAP therapy.
“XII Medical’s transformative technology is poised to help the hundreds of millions of those suffering from OSA,” said Murielle Thinard McLane, president and managing partner of Intuitive Ventures. “Their neuromodulation therapy addresses patient compliance issues while also offering a high quality, minimally invasive solution with a streamlined surgical approach and smaller, flexible and easier to implant technology than current solutions.”
Garrett Schwab, XII Medical’s president and CEO, said the funds allow the company to expand its team. Schwab also said the company can now collaborate with best-in-class partners to advance its technology and clinical research.
“XII Medical has made significant progress and we are pleased to welcome these outstanding new investors to our syndicate,” said Dr. Anthony Natale, the company’s executive chair. “I share their excitement in the pioneering work the XII Medical team is doing to make best-in-class OSA therapy accessible to all who require it.”
