Neuspera Medical has raised a new total of $26 million in equity financing, following the closing of the second tranche of its series B round, to help fund clinical testing programs for its neuromodulation implants.
Each of the round’s original investors returned to participate, including 6 Dimensions Capital, Action Potential Venture Capital, Windham Venture Partners, Delta Capital, Purple Arch Ventures and others.
The second and final $12 million tranche was triggered after the company met development and regulatory objectives, the San Jose, California-based company said in a statement. The series B round first closed in January 2018.
Neuspera is focused on developing techniques to transfer power to implants from outside the body, using electromagnetic waves—to allow for smaller, sealed implant designs, compared to battery-powered neuromodulation devices. The company was first founded in 2014 as Vivonda Medical.
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The company believes it can use the structure of the human body to help guide and focus electromagnetic waves, in order to power implants located deeper in muscle and bone, while maintaining a device smaller than a few millimeters in size.
The implanted electrical stimulators can then help maintain heartbeats or treat neurological diseases, as well as help power other devices, Neuspera said.