MINNEAPOLIS, April 22, 2024 /PRNewswire/ — iVEAcare, a privately held, development stage medical device company, announced the close of a $27.5 million Series A financing. The financing was led by Vensana Capital, which was joined by Treo Ventures, Hatteras Venture Partners, and an undisclosed strategic partner. iVEAcare is the third spin-off from NuXcel, a medical device accelerator that is managed by Mudit K. Jain, PhD and Lynn Elliott and backed by Treo Ventures.
Concurrent with the financing, the company also announced the appointment of Todd Kerkow as President and CEO. Kerkow is a veteran of the medical device industry, with nearly three decades of experience at companies that include Guidant, Cameron Health, Boston Scientific, and Cardionomic.
“We are very fortunate to have such an experienced medical device investor group supporting iVEAcare, and I look forward to partnering with them to develop this novel neuromodulation technology. This Series A financing enables iVEAcare to deliver innovative neuromodulation therapy to patients and clinicians,” Kerkow said in prepared remarks.
“We are very excited to see the third spin-off from NuXcel attract support from a syndicate comprised of such seasoned investors. We look forward to working with our co-investors and the iVEAcare team to develop this impactful therapy,” added Treo Ventures General Partner, Tracy Pappas, and iVEAcare co-founder & Chairman, Mudit Jain.
“Neuromodulation is one of the most exciting frontiers in medicine,” said Vensana Capital Partner Amrinder Singh and Managing Partner Kirk Nielsen. “We are enthusiastic to partner with iVEAcare’s experienced team to advance a best-in-class therapy that will impact the lives of countless patients.”
iVEAcare is based in Roseville, MN.
About iVEAcare: www.iveacare.com
