Tivic Health Secures $8M Seed Funding for FDA-Approved Microcurrent Sinus Pain Relief Device ClearUP®

On July 23, 2019, VCBeat (WeChat ID: vcbeat) learned that bioelectronic medical device company Tivic Health Systems had completed an $8 million seed financing round. The investors included Sand Hill Angels, Astia Angels, Golden Seeds, HBS Angels, Sierra Angels, Lateral Capital, and Skylight Investments. The proceeds from this round will be used to support the sales of ClearUP®, Tivic Health’s first product for sinus pain relief.

Tivic Health, founded in 2016, is a bioelectronic medical device company primarily engaged in developing microcurrent therapy solutions for chronic diseases. Tivic Health is dedicated to applying neuromodulation technology to consumer home-use products, thereby enabling individuals to improve their health and quality of life.

Tivic Health’s first product, ClearUP®, has transformed the traditional approach to treating sinus pain, backed by clinical evidence and FDA clearance. Meanwhile, ClearUP® is the only product on the market that uses microcurrent therapy to treat allergy-related sinus pain. ClearUP®’s patented technology delivers microcurrent waveforms to stimulate nerves beneath the skin of the cheeks, nose, and brow bone, thereby alleviating sinus pain. ClearUP® will be launched in mid-September as an over-the-counter device priced at $149.

Jennifer Ernst, CEO and Co-Founder of Tivic Health, stated, “Bioelectronic medicine is a rapidly evolving industry that continues to expand at a swift pace. Currently, bioelectronic medicine primarily treats patients through implantable devices. Today, an increasing number of companies are researching non-invasive solutions. ClearUP® leverages neuromodulation technology to develop a consumer-friendly, non-invasive treatment that will help more than 40 million Americans find relief from sinus pain caused by allergies.”

Raghu Das, CEO of IDTechEx, stated: “Over the past year, we have been closely monitoring bioelectronic medicine. In our July report, we identified peripheral nerve stimulation as one of the fastest-growing segments within bioelectronic medicine. This sector is projected to grow at a compound annual growth rate (CAGR) of 35% from 2019 to 2029. The bioelectronics market is expected to reach a valuation of $60 billion, with the treatment of chronic diseases being a key driver. Furthermore, the FDA approval of ClearUP® in January 2019 has also accelerated the development of the bioelectronics market.”

Sand Hill Angels is a venture capital firm that primarily invests in internet, information technology, clean technology, consumer, and life sciences businesses.

Astia Angels was founded by experienced angel investors and primarily invests in high-growth, women-led companies.

HBS Angels is one of the most active early-stage investors in Chicago, focusing on early-stage venture capital.

Golden Seeds is a New York-based private equity firm and one of the largest and most active investment groups in the United States, dedicated to investing in women-led businesses.

Sierra Ventures, established in 1982, is a private venture capital firm. Sierra Ventures has helped found and grow more than 200 healthcare technology companies. Currently managing over $1.5 billion in capital, Sierra Ventures focuses on investments in cloud computing, enterprise software services, big data, and semiconductors.

Lateral Capital focuses on investing in early-stage and growth-stage businesses in Sub-Saharan Africa.

Skylight Investment evolved from Taiyou Investment, a well-known Chinese investment firm. Skylight focuses on collaborating with early-stage startups to provide them with support.

(Compiled by Hu Yifan)