Nervonik – a medical device company developing an opioid-free peripheral nerve stimulation (PNS) system – announced it has closed a $13 million Series A funding round. This funding round was led by U.S. Venture Partners (USVP), with participation from Foothill Ventures, Correlation Ventures, and other investors. And this funding follows Nervonik’s earlier $4.4 million in SAFE and convertible note financings from Shangbay Capital, Camford Capital, Joyance Partners, Life Science Angels, Seraph Group, and other investors.
The proceeds from this funding will be used to advance Nervonik’s clinical studies, accelerate regulatory clearance, and prepare for commercialization efforts to transform chronic pain treatment.
Nervonik recently completed its first-in-human clinical study, highlighting the potential of its proprietary wirelessly powered PNS technology to transform chronic pain treatment. Nervonik’s technology delivers minimally invasive, patient-friendly therapy for personalized pain relief.
With chronic pain affecting 50+ million people in the U.S. alone, Nervonik’s opioid-free PNS technology will offer a compelling alternative to traditional pain management methods, targeting a multibillion-dollar market opportunity.
KEY QUOTE:
“We are excited to receive this strong support from top institutional investors as we push forward in advancing peripheral nerve stimulation technology. This financing advances our mission to bring a novel solution to millions of people suffering from chronic pain.”
- Aydin Babakhani, PhD, founder and CEO of Nervonik
