- MicroTransponder recently announced it raised $73 million in funding. These are the details.
MicroTransponder recently announced it raised $73 million in funding.
Funding amount: $73 million
Funding round: Oversubscribed Series E
Investors: Led by US Venture Partners. And GPG Ventures and Exceller Hunt Ventures returned as existing investors alongside new venture investors that include Osage University Partners, Action Potential Venture Capital and The Vertical Group.
What this funding will be used for: The funding supports the market development and commercialization of MicroTransponder’s FDA-approved Vivistim Paired VNS System, a first-of-its-kind breakthrough technology that uses vagus nerve stimulation (VNS) during rehabilitation therapy to improve upper limb function for stroke survivors.
MicroTransponder recently announced it finalized its oversubscribed $73 million Series E funding round and the company named Prashant Rawat chief operating officer (COO).
KEY QUOTES:
“MicroTransponder is in a dynamic growth phase, and we are fortunate to have energized investors who are championing our progress toward establishing Vivistim as the gold-standard stroke rehabilitation intervention.”
“Prashant Rawat will invigorate our team with his wealth of experience leading and growing organizations through the innovation, development and launch phases of novel medical therapies. As we embark on the next stage of our company’s progress, I am certain he will guide us diligently as COO in identifying and demonstrating the vast potential of Paired VNS Therapy in stroke rehabilitation as well as for other applications.”
– Richard Foust, MicroTransponder’s CEO
“I am excited by both the proven impact of Paired VNS Therapy in stroke rehabilitation and its promise in other indications. Throughout my career, I have been inspired by innovative medical devices that change healthcare delivery while making a difference in people’s lives, and that is the assignment that guides me as I take on the role of MicroTransponder’s COO. I am grateful that our board and executives trust me to advance the company’s priorities.”
– Prashant Rawat
