Neurosurgical Device Company NICO Raises $12.5M in Series B Funding and Files IPO Prospectus

Recently, VCBeat (WeChat ID: vcbeat) learned that Nico, a medical device company headquartered in Indiana, USA, has raised $12.5 million in Series B financing from its existing investors. The proceeds will be primarily used to develop and commercialize its existing products, advance clinical and health economics research, expand its sales and R&D teams, and grow its presence in the European market. According to Crunchbase, this latest round brings the company’s total funding to $55 million across seven rounds, with River Cities Capital Funds as its lead existing investor. The company’s post-financing valuation was not disclosed.

Nico, founded in October 2007, is dedicated to developing innovative technologies in the field of minimally invasive access surgery, including procedures involving restricted access to surgical sites such as the skull, ear-nose-throat (ENT) region, and spine. Its technologies and products are designed to establish channels that allow access through smaller incisions for the removal of abnormal soft tissue using minimally invasive instruments. The company’s BrainPath and Myriad technologies have received approval from the U.S. Food and Drug Administration (FDA) and can be used in the treatment of primary and secondary tumors, as well as hemorrhagic stroke.

BrainPath image sourced from the official Nico website

BrainPath is a component of the world’s first and only trans-sulcal system for standardized subcortical surgery. It features a breakthrough approach that alters the surgical trajectory by leveraging the brain’s natural sulci and delicate fiber pathways. The BrainPath obturator is designed with a minimally disruptive tip, aiming to maximize tissue preservation during the procedure. Once the obturator is removed, its sheath remains in the patient’s brain, serving as a protective portal to facilitate surgical access to the target site. This technology can be applied to the resection of subcortical lesions, such as primary and secondary tumors, vascular abnormalities, intraventricular tumors, and cysts.

Following additional approval from the U.S. FDA in July 2015, BrainPath also obtained CE Mark certification in Europe in 2017.

Jim Pearson, President and CEO of Nico, stated, “In an environment where traditional industries are growing slowly, coupled with stringent healthcare regulations and protocols, achieving market growth in neurosurgery is challenging. The only viable path is to improve clinical outcomes and economic benefits.” He further noted that this capital injection will enable Nico to further validate and support its clinical outcomes through peer-reviewed industry publications, allowing the company to continue meeting the growing global demand for minimally invasive spine surgery (MIPS) technologies.

Nico, founded in 2007 and headquartered in Indiana, USA, is a medical device company primarily focused on developing surgical equipment for minimally invasive neurosurgery, skull base surgery, and spinal surgery. Currently, the company’s business operations span multiple countries, including the United States, the United Kingdom, Canada, Singapore, and Australia. To date, Nico has raised a total of $55 million across seven funding rounds from its investors.