iRiva Medical Secures Initial Funding to Advance Neuromodulation Platforms for Chronic Diseases
iRiva Medical, a Minneapolis-based medical device developer and NuXcel spinoff, has announced the close of its initial financing round led by F-Prime, with participation from Hatteras Venture Partners, Norwest, and Treo Ventures. The funding will support the company’s efforts to develop and commercialize next-generation neuromodulation platforms designed to treat large populations affected by chronic diseases.
Alongside the financing, iRiva named Steve Masson as its new President and Chief Executive Officer. Masson brings more than four decades of experience in the medical device industry, including over 35 years focused on active implantable technologies. His previous leadership roles span both early-stage startups and established firms such as Cordis, Ventritex, InnerPulse, NeuroTronik, and Avivomed. “We look forward to partnering with our seasoned investor group and benefitting from their depth of experience in medtech and neuromodulation,” said Masson. “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 is the fourth company launched by NuXcel, a medical device accelerator founded by Mudit Jain and Lynn Elliott with support from Treo Ventures. “We are excited to have Steve Masson joining another NuXcel spinoff and honored to have the backing of world-class investors,” said Elliott. “Together, we look forward to delivering on iRiva Medical’s mission.” Kevin Chu, Principal at F-Prime, added, “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 need.”
The completion of this financing and leadership appointment marks an important milestone for iRiva Medical as it moves forward in developing innovative implantable technologies aimed at transforming chronic disease management.
