BY SEAN WHOOLEY

Nalu Medical announced today that it closed a $65 million equity financing to support its minimally invasive neurostimulation product.

Carlsbad, California–based Nalu had its round led by new investor Novo Holdings. All existing significant investors — including Gilde Healthcare, MVM Partners, Endeavor Vision, Decheng Capital, Longitude Capital, Advent Life Sciences, Pura Vida and Aperture Venture Partners — participated, too.

Nalu plans to use the proceeds to accelerate commercial growth and expand clinical and health-economic evidence. It also wants to use the funds to continue product development and scale operations.

The company’s FDA-cleared spinal cord stimulation and peripheral nerve stimulation technology treats patients with chronic neuropathic pain. It delivers gentle electrical pulses to the nervous system to modulate pain signals before they reach the brain.

Nalu system includes a fully featured, battery-free, miniaturized implantable pulse generator (IPG). An externally worn therapy disc wirelessly powers the IPG and the user can control it through a smartphone-based app. The company says its IPG, despite its smaller size, delivers treatment capabilities similar to larger IPGs. Nalu’s system also has an expected service life of 18 years.

“The Nalu team is excited about meaningfully expanding and improving the treatment options in the peripheral nerve pain space by setting a new standard of care while also offering a disruptive, minimally invasive, solution in the established spinal cord stimulation market,” said Tom West, president and CEO of Nalu. “We continue to invest in building clinical data to expand access for patients who often don’t have other therapeutic options. We are proud that our efforts serve the greater well-being of patients who suffer from chronic pain and benefit those that care for them.”