Wavegate Corporation, a company that makes neuromodulation technology for chronic pain management, has secured $26 million in a Series A funding round led by UCEA Capital Partners Ltd. 

WHAT IT DOES 

The Louisiana-based company offers its Ellipse Spinal Cord Stimulator Platform for treating chronic pain. The platform includes the company's patented and FDA-cleared StimuLux technology, which uses optical reflectometry to track the spinal cord and provide closed-loop adaptive modulation, allowing for a fixed dose of electrical current despite changes in body movement.

Wavegate will use the funds to speed up the development of its Ellipse platform by expanding its research and development, clinical trials and preparation for regulatory approval. 

"Securing this funding represents a pivotal moment for Wavegate as we continue to push the boundaries in neuromodulation technology," Dr. Erich Wolf, CEO of Wavegate Corporation, said in a statement. "UCEA's investment validates the potential of our innovations and supports our vision of advancing effective, patient-centered pain management solutions."

MARKET SNAPSHOT

In 2022, the Queensland Brain Institute under the University of Queensland developed a remote care platform in partnership with Neurosciences Queensland and Abbott Neuromodulation to monitor and treat neurological disorders.

Patients initially had electrodes inserted that provided electrical stimulation delivered through a pacemaker, which alters brain function to provide therapeutic relief. The digital platform accompanying the device allows clinicians to monitor patients remotely and adjust their devices to treat and alleviate their symptoms in real-time.  

Israeli-based GrayMatters Health develops self-neuromodulation therapies for mental disorders and last year received FDA 510(k) clearance for its PTSD-focused neuromodulation therapy, dubbed Prism.

The company uses a proprietary model to create a unique patient amygdala-derived biomarker, using synchronized data from several electroencephalograms (EEGs) and fMRIs sessions. 

The model is then embedded into Prism, which combines an EEG cap with software to create a neurofeedback device used to train patients to control the biomarker signal and, therefore, their emotional response.