iVEAcare, a privately held development stage medical device company based in Roseville, Minnesota, announced the closing of a $27.5 million Series A financing. Vensana Capital led the financing, which Treo Ventures, Hatteras Venture Partners, and an undisclosed strategic partner joined.
iVEAcare is the third spin-off from NuXcel, which is a medical device accelerator that is managed by Mudit K. Jain, PhD and Lynn Elliott and backed by Treo Ventures. Along with the financing, the company also announced the appointment of Todd Kerkow as President and CEO.
Kerkow is a medical device industry veteran with nearly three decades of experience at companies like Guidant, Cameron Health, Boston Scientific, and Cardionomic.
KEY QUOTES:
“We are very fortunate to have such an experienced medical device investor group supporting iVEAcare, and I look forward to partnering with them to develop this novel neuromodulation technology. This Series A financing enables iVEAcare to deliver innovative neuromodulation therapy to patients and clinicians.”
– Todd Kerkow
“We are very excited to see the third spin-off from NuXcel attract support from a syndicate comprised of such seasoned investors. We look forward to working with our co-investors and the iVEAcare team to develop this impactful therapy.”
– Treo Ventures General Partner, Tracy Pappas, and iVEAcare co-founder & Chairman, Mudit Jain
“Neuromodulation is one of the most exciting frontiers in medicine. We are enthusiastic to partner with iVEAcare’s experienced team to advance a best-in-class therapy that will impact the lives of countless patients.”
– Vensana Capital Partner Amrinder Singh and Managing Partner Kirk Nielsen
