#USA #Minneapolis #Neuromodulation #iRiva Medical #Steve Masson

iRiva Medical's Initial Financing Round Completion

iRiva Medical, Inc., a burgeoning player in the field of medical devices and a spin-off of NuXcel based in Minneapolis, has officially announced the conclusion of its initial financing round. This significant milestone was led by F-Prime, with robust participation from notable firms such as Hatteras Venture Partners, Norwest, and Treo Ventures. This newly acquired funding aims to support the development and commercialization of groundbreaking neuromodulation technology platforms. These platforms are designed to address the needs of patients who suffer from chronic illnesses on a larger scale.

The financing comes with additional important news, specifically the appointment of Steve Masson as the company's President and Chief Executive Officer. With an impressive track record encompassing over 40 years in the medical device industry, including 35 years focused on active implantable devices, Masson brings a wealth of experience to the role. His extensive background features senior management positions across both startups backed by venture capital and well-established companies, including Cordis, Ventritex, InnerPulse, NeuroTronik, and Avivomed. His expertise is expected to drive iRiva’s mission forward.

In his remarks following the financing announcement, Masson expressed optimism about joining iRiva Medical, stating, "We look forward to partnering with our seasoned investor group and benefitting from their depth of experience in medtech and neuromodulation. I am excited and appreciative to join the iRiva team as we work together to deliver a new and innovative therapy to patients and clinicians."

iRiva Medical marks the fourth enterprise born out of NuXcel, a renowned medical device accelerator overseen by Mudit Jain and Lynn Elliott, receiving crucial backing from Treo Ventures. Commenting on the progress, Lynn Elliott, the founder and CTO of NuXcel, expressed enthusiasm for Steve Masson’s leadership with another NuXcel spinoff, stating, "We are excited to have Steve Masson joining another NuXcel spinoff, honored to have the support of world-class investors and looking forward to partnering with this experienced syndicate to deliver on iRiva Medical's mission."

Kevin Chu, Principal at F-Prime, chimed in with his thoughts: "We are thrilled to partner once again with Steve Masson, the NuXcel team, and this investor syndicate and look forward to realizing iRiva's mission of delivering state-of-the-art neuromodulation therapy to patients with significant unmet clinical needs."

As iRiva Medical embarks on this new chapter fueled by substantial financial backing and seasoned leadership, it aims to innovate treatment options for a vast array of chronic conditions. The future looks promising for both the company and the communities it seeks to serve, as it strives to make a substantive impact in the medical device landscape.

By developing effective neuromodulation technologies, iRiva Medical could transform the therapeutic options available to patients facing chronic health challenges, marking a significant step forward in the ongoing evolution of medical treatment solutions. Investors and health professionals alike are keenly watching the company’s efforts, hopeful that its initiatives will lead to offerings that not only enhance patient quality of life but also represent a significant advancement in the healthcare industry.