MedTech startup ShiraTronics has secured $66 million in Series B funding round to advance implantable neuromodulation device for treatment-resistant migraine to FDA-approved pivotal clinical trials, the company announced last Wednesday.
Co-founded in 2018 by Mudit Jain, Ph. D., CEO and partner at Treo Ventures and Lynn Elliott, ShiraTronics leverages advanced technologies to develop an effective therapy for chronic migraines.
The company’s series B round was led by a new investor Norwest Venture Partners, with notable contributions from Seroba, the Global BioAccess Fund, and OSF Ventures, alongside other undisclosed strategic investors.
According to ShiraTronics’ announcement, the round also saw the participation of existing investors Amzak Health, U.S. Venture Partners, Aperture Venture Partners, and Treo Ventures.
Neuromodulation Therapy for Chronic Migraine
While migraine is a common headache disorder affecting about 40% of the global population, approximately 3.1 billion people, according to a report published by the World Health Organization (WHO) in 2021, it could worsen for some individuals despite medical intervention.
In the United States, the neurological condition affects over 39 million people, according to the Migraine Research Foundation. With such a huge number of people affected, resistant migraine can have a significant negative impact on overall well-being and work productivity, making any treatment that could resolve the problem a game-changer for global healthcare.
ShiraTronics’ novel neuromodulation therapy leverages occipital nerve stimulation to induce quick relief for migraine patients within days of treatment using a tiny device implanted under the skin in the head.
The device delivers low quantities of electric signals targeting the occipital nerve, which is usually associated with headaches, specifically migraines. During the therapy’s effectiveness testing in Australia, patients reported reduced migraines.
