Aqua Medical has raised a multimillion-dollar Series B financing led by Relevance Ventures to advance its minimally invasive device-based treatment for Type 2 diabetes. The amount of the financing was not disclosed.
Aqua is developing Proximal Intestinal Mucosal Ablation, or PIMA, using its proprietary radiofrequency vapor ablation platform.
The investigational procedure is designed to address mechanisms associated with Type 2 diabetes through a minimally invasive endoscopic approach rather than relying solely on pharmaceutical management or more invasive surgery.
Aqua plans to use the Series B proceeds to complete its ongoing RESTORE-1 pilot study in the United States and prepare for a planned U.S. pivotal trial, subject to regulatory authorization.
RESTORE-1 is evaluating PIMA at participating U.S. clinical sites under an FDA-approved Investigational Device Exemption.
Aqua’s radiofrequency vapor ablation system is already FDA-cleared for coagulation and ablation of bleeding and non-bleeding sites in the gastrointestinal tract. Its use to treat Type 2 diabetes remains investigational, and its safety and effectiveness for PIMA have not been established.
The companies cited approximately 589 million people worldwide living with Type 2 diabetes and more than $1 trillion in annual global healthcare expenditures associated with the disease.
Relevance Ventures said the investment also aligns with its focus on personal health, digital health, community health and financial health.
Relevance is an independently owned Native American venture capital firm with more than $100 million under management. The firm announced the investment while participating in the 2026 NAFOA Fall Finance & Tribal Economies Conference.
As part of the financing, Relevance Ventures Chairman and General Partner Dean Newton has joined Aqua Medical’s Board of Directors.
KEY QUOTES:
“Type 2 diabetes represents exactly the kind of challenge Relevance Ventures exists to combat. This is a significant human need with an opportunity for innovation to materially change outcomes and people’s lives. Aqua is pursuing a fundamentally different approach to a disease that affects Native Americans at twice the national average, while claiming hundreds of millions of sufferers globally. We believe that combination of potential impact and scale is where some of the most compelling investment opportunities are created.”
Dean Newton, Chairman and General Partner of Relevance Ventures
“Rather than relying solely on pharmaceutical management or more invasive surgical interventions, Aqua is building a minimally invasive, device-based approach to addressing metabolic disease. Proceeds from this financing will support the completion of our ongoing U.S. RESTORE-1 pilot study and preparations for a planned U.S. pivotal trial, subject to regulatory authorization.”
Bob Haggerty, President and CEO of Aqua Medical
“Our investment philosophy is aimed at solving meaningful problems while creating enduring businesses. That means backing companies across personal health, digital health, community health and financial health that address systemic challenges while pursuing market-rate financial outcomes. Aqua fits squarely within that framework.”
Cameron Newton, Managing Partner of Relevance Ventures
“NAFOA is an important gathering because it brings together leaders thinking seriously about capital, sovereignty and long-term economic strength. For us, announcing an investment like Aqua in that environment reinforces that Native participation in the capital markets brings real benefits to Indian Country, while not being limited to one sector or one geography.”
Kelly Holmes, Venture Partner & Tribal Ambassador of Relevance Ventures
