Ohio, USA-based innovative neuromodulation and digital health company Avation Medical raised more than USD 22 million in equity financing in its oversubscribed Series C round. The company announced the investment on February 1, 2024. New investors such as ShangBay Capital and Asahi Kasei, which included Angelini Ventures, JobsOhio Growth Capital Fund, and others led the financing for the company. Meanwhile, multiple existing investors, such as Arboretum Ventures, Tonkawa, Medtronic, and Avestria Ventures, provided additional financing.
As a part of the deal, representatives from Asahi Kasei and Angelini Ventures will join Avation Medical’s board of directors.
Purpose of financing for Avation Medical
With the latest financing, Avation Medical seeks to use the funds for the U.S.A. launch of the company’s Vivally System. The funding round remains open for the time being.
What the company’s official has to add
Avation Co-Founder and CEO Jill Schiaparelli said, “This new capital will jump-start the highly anticipated launch of Vivally, which sets a new standard for OAB care. We are thrilled to welcome new investors and grateful for the unwavering support of existing investors who share our belief that non-invasive wearable neuromodulation therapy will significantly benefit patients and clinicians. We could not ask for a stronger group of institutional investors as we accelerate our efforts to bring this innovative technology to market.”
What the investors have to comment
William Dai, the managing partner of ShangBay Capital, Palo Alto, further added, “Avation Medical’s Vivally technology, with its excellent efficacy and unprecedented safety profile, proven in two multi-centre clinical trials, is designed for patients who don’t want surgery or drugs. We are pleased to partner with Avation’s leadership team to drive the successful commercialization of this beneficial therapy.”
In addition, Thomas Thestrup, PhD, principal at Angelini Ventures, the venture capital firm of Angelini Industries, Rome, Italy, said, “Angelini Ventures is honoured to support Avation Medical in redefining OAB treatment. OAB is a prevalent medical condition that hasn’t seen breakthrough innovation in 25 years. A patient-friendly, at-home wearable has a significantly larger market opportunity to reach patients than existing invasive neuromodulation options, especially when you consider that this product will allow clinicians who are not surgically trained to provide relief to their patients.”
Besides, Dr. Thomas Shehab, managing partner of Arboretum Ventures and Avation Medical board chair, said, “Arboretum Ventures led Avation’s Series B round because of our strong belief that a new treatment approach for OAB was being sought by both patients and physicians. After witnessing the strength of the Avation team and the excellent clinical outcomes of the Vivally System, we were ready to increase our investment in Series C.”
About the company
Jill Schiaparelli & Kevin Wasserstein launched the company. Avation Medical is an innovative neuromodulation and digital health company. It is on a mission to make wearable peripheral neuromodulation accessible to patients across a variety of clinical conditions. The Company’s Vivally System is the only FDA-cleared, closed-loop, at-home wearable neuromodulation device system.
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