ShiraTronics Secures $33 Million Series A Funding to Advance Innovative Migraine Therapy

VCBeat (WeChat ID: vcbeat) has learned that on October 24, 2019, private medical device company ShiraTronics announced the completion of a $33 million Series A financing round. The round was co-led by USVP, Amzak Health, and Strategic HealthCare Investment Partners (SHIP), with participation from Aperture Ventures, LivaNova PLC, and a leading academic institution in the industry.

Meanwhile, the company also announced the appointment of Lynn Elliott as President and Chief Executive Officer. Lynn brings thirty years of extensive experience in innovative R&D, manufacturing, clinical trials, and regulatory approvals within the medical device industry. She has previously held positions at major medical device companies such as Guidant and Boston Scientific, as well as at startups including Spinal Modulation and ShiraTronics.

As part of this financing round, Casey Tansey of UVSP, Joyce Erony and Dr. Brad H. Vale of Amzak Health, and the DVM from SHIP will join the ShiraTronics board of directors.

ShiraTronics, founded in 2019 and headquartered in Minneapolis and Ireland, is the first spin-off brand of NuXcel, a global medical device accelerator company. The company’s leadership team has been involved in the development and commercialization of several active implantable devices over the past 30 years.

Backed by extensive clinical evidence, ShiraTronics is dedicated to developing innovative therapies for migraine, currently in the early stages. Migraine is a disabling condition that affects millions of patients worldwide. The company aims to develop and clinically test neuromodulation technology, ultimately commercializing it to address the significant unmet clinical needs of patients and physicians.

“ShiraTronics is leveraging deep clinical expertise to accelerate the development of new therapies, which could significantly improve the lives of millions of migraine patients,” said Casey Tansey, a partner at USVP and newly appointed board member of ShiraTronics.

Lynn Elliott, President and CEO of ShiraTronics, stated, “We look forward to partnering with these experienced investment groups; this funding is a necessary resource for the development and commercialization of our novel therapies.”

Dr. Mudit K. Jain, Co-Founder and Chairman of ShiraTronics, stated, “We are delighted to see a strong start for NuXcel’s first spin-out project, which is backed by a consortium of world-class, experienced medical device investors. We look forward to collaborating with their product development team and the clinical community to further advance this impactful technology.”

NuXcel was founded in late 2018 as a global medical device accelerator company dedicated to developing innovative solutions to address significant unmet clinical needs.

USVP, founded in 1981, is a venture capital firm based in Silicon Valley. The company specializes in early-stage venture investments in information technology and healthcare, and has created millions of jobs over the three decades since its inception.

SHIP, established in 2018, is a U.S.-based investment firm specializing in medical devices and digital health. Prior to founding SHIP, the team had jointly executed multiple healthcare investments over the preceding 12 years.

Aperture Venture Partners was founded in 2002 and is headquartered in New York, USA. The firm focuses on the medical devices, pharmaceuticals, healthcare, and diagnostics sectors. To date, it has successfully invested over $1 billion and built companies with aggregate revenues exceeding $1 billion.

LivaNova PLC, founded in 1987, is a global medical technology company based in London, United Kingdom. The company operates worldwide, with nearly 4,000 employees across more than 100 countries and regions.

(Compiled by Jiang Ying)