10. Nalu Medical: $104 million (Neurology)Nalu Medical develops minimally invasive treatments for chronic neuropathic pain.
The Carlsbad, California–based device company said its Nalu Neurostimulation System is designed to deliver gentle electrical pulses to the nervous system to modulate pain signals to the brain. The FDA cleared the system for spinal cord stimulation and peripheral nerve stimulation.
The system uses a miniaturized implantable pulse generator (IPG) controlled by a smartphone-based app. The battery-free micro-IPG is powered wirelessly and has an expected service life of 18 years.
“This additional funding underscores the potential of Nalu’s miniaturized technology and will allow us to accelerate the already strong adoption of our system,” former Nalu CEO and President Earl Fender said when announcing the February 2022 funding round. “We welcome the addition of new top-tier investors and appreciate the continued support of our current investors, who share our mission of commercializing innovative and minimally invasive solutions that make meaningful differences to people suffering from chronic pain.”
Fender retired in July 2022 and was replaced by Thomas West as CEO and president in August. West was previously president and CEO at Intersect ENT, which was acquired by Medtronic in May 2022.