Could Saluda Medical’s Latest Funding Round Indicate a Resurgence of VC Interest in Medtech?Could Saluda Medical’s Latest Funding Round Indicate a Resurgence of VC Interest in Medtech?
Saluda's Medical closed on a $100 million financing round. The funding will help the company commercialize its Evoke System, a physiologic closed-loop, dose-control spinal cord stimulation device.
January 10, 2025
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Saluda Medical’s new financing could signify that venture capital investors are rekindling their love for the medtech industry.
The Minneapolis-based company reported closing on $100 million in a financing round. Saluda develops treatments for chronic neurological conditions. Its core technology is the Evoke System, a closed-loop, dose-control neuromodulation platform.
Proceeds from the financing will be used to advance the commercialization of the Evoke system. The financing was led by existing investor Redmile Group, with additional support from existing investors Wellington Management, TPG Life Sciences Innovation, Fidelity Management & Research Company, Action Potential Venture Capital, and funds and accounts advised by T. Rowe Price Associates, Inc. New investor Piper Heartland Healthcare Capital also participated.
Medtronic, a dominant player in the SCS market, has previously been involved with funding Saluda. In 2019, the Dublin-based company entered into a four-year loan agreement with Saluda.
Although SCS is a well-established therapy for treating chronic pain, the Evoke System is the first system designed to sense and measure neural responses to stimulation and automatically adjust therapy to achieve and continuously maintain a targeted level of neural activation. This ensures therapy remains at the patient-specific prescribed level of neural activation, providing more consistent and effective outcomes.
The broader neuromodulation market saw a huge shake-up when Boston Scientific announced it would acquire Axonics for $3.7 billion. Axonics typically squared off against Medtronic in the sacral neuromodulation space, particularly over a series of patents.
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