California-based medical technology company Nalu Medical has raised $104m funding to advance its minimally invasive solutions for patients with chronic neuropathic pain.

Led by MVM Partners and Gilde Healthcare, the funding round has also seen participation from Pura Vida Investments and Aperture Venture Partners, who were also new investors.

In addition, existing investors Advent Life Sciences, Decheng Capital, Endeavour Vision, and Longitude Capital also participated in the funding round.

In relation with the financing, Hugo Harrod from MVM Partners and Geoff Pardo from Gilde Healthcare will be appointed as Nalu Board of Directors.

Hugo Harrod said: “Chronic pain causes suffering to millions and can be addressed by targeted, non-addictive therapy.

“Nalu is uniquely positioned to meet this medical need by providing a patient friendly, neurostimulation technology and MVM is excited to support its continued growth.”

Geoff Pardo said: “We believe Nalu’s technology is one of the most advanced on the market, with huge potential to meet the needs of more patients.”

Nalu intends to use the proceeds from the financing for scaling its commercial operations to advance growth, expand clinical evidence, and product development, among others.

The medical technology company is focused on developing and commercialising advanced minimally invasive solutions for patients with chronic neuropathic pain.

Its Neurostimulation System is designed to deliver gentle electrical pulses to the nervous system to modulate pain signals to the brain.

The system comes with a fully-featured, battery-free, miniaturised implantable pulse generator (IPG), powered wirelessly by an externally worn Therapy Disc.

Controlled through a smartphone-based remote-control app, the micro-IPG delivers treatment capabilities similar to larger IPGs, said the company.

Also, it offers unique advantages related to advanced waveforms, broad programming options, better upgradability, and an estimated service life of 18 years.

Nalu Neurostimulation System has been approved by the US FDA for Spinal Cord Stimulation (SCS) and Peripheral Nerve Stimulation (PNS) indications.

Nalu president and CEO Earl Fender said: “This additional funding underscores the potential of Nalu’s miniaturized technology and will allow us to accelerate the already strong adoption of our system.

“We welcome the addition of new top-tier investors and appreciate the continued support of our current investors, who share our mission of commercialising innovative and minimally invasive solutions that make meaningful differences to people suffering from chronic pain.”