Metavention Inc., a startup developing a medical device to treat Type 2 diabetes, has closed on $65 million in venture capital and named former Torax Medical Inc. CEO Todd Berg its top executive.

New Enterprise Associates led the round of financing. Sanderling Ventures, RK Mellon, Horowitz Group and an unnamed corporate investor also participated. In addition, the company's previous backers, including Versant Ventures, joined in.

Eden Prairie-based Metavention will put the capital toward clinical trials testing its technology.

The company's goal is to treat Type 2 diabetes through a one-time procedure that's performed by an interventional cardiologist. The procedure calls for using a catheter-based technology to calm over-active nerves.

Berg was most recently CEO of Shoeview-based Torax, a venture-capital-backed company that developed a device to treat acid reflux disease. A unit of Johnson & Johnson acquired Torax early this year.

After leaving Torax, Berg considered launching a startup from scratch, but decided the opportunity to lead Metavention was too good to pass up.

“This is the kind of innovation venture capital should be funding,” he said. “This is an exciting convergence of high-quality investors, proven entrepreneurs and a disease that really needs innovation.”

Metavention, which has less than 20 employees, will add clinical and development staff as it prepares for further clinical trials, Berg said.

Berg succeeds Kevin Hykes, who left the company last year to join Relievant Medsystems. Metavention was previously based in California and its headquarters migrated to Minnesota under Hykes' leadership.