January 3, 2024

Novo Holdings leads financing round to advance medical technology for chronic neuropathic pain

With $65 million raised, Nalu Medical will accelerate commercial growth and continue product development of minimally invasive solution for patients living with chronic lower back and joint pain

SAN FRANCISCO, January 3, 2024 – Novo Holdings today announced it led a $65 million Series E financing round in Nalu Medical, a California-based medical technology company developing and commercializing innovative and minimally invasive solutions for patients with chronic neuropathic pain. With this financing, Nalu Medical will accelerate commercial growth and continue the product development of its technology system, which has been cleared by the Federal Drug Administration for spinal cord stimulation (SCS, indicated for specific types of lower back pain) and peripheral nerve stimulation (PNS, indicated for joint pain).

In the US alone, it is estimated that 13-16 million patients are currently living with chronic, moderate to severe, neuropathic pain. Within this group, patients living with pain in peripheral joints, including knees, hips, ankles, and shoulders, are particularly underserved. While electrical stimulation has been widely used for back pain, including for patients with failed back surgery, and chronic regional pain syndrome, it has not been a viable option for peripheral joint pain. The use of peripheral joint stimulation has been limited by devices that were too bulky to place under the skin at a joint and a lack of rigorous clinical data.

Nalu Medical has developed a micro stimulator that is a fraction of the size of traditional SCS devices, and requires only a 1.2 cm incision (vs. 5 cm for traditional SCS). This device is well suited for peripheral nerve stimulation and Nalu is validating the efficacy, safety and long-term outcomes of this device by running the largest clinical program of neurostimulation in peripheral joints to date (termed COMFORT I and COMFORT II trials). The COMFORT trials will follow over 200 patients for 2 years. In interim results from COMFORT I released at the ASPN 2023 conference, 81% of patients treated with Nalu responded (defined by a >50% reduction in pain) with an average pain reduction of 67%.

Nalu’s technology is a battery-free, implantable pulse generator that is powered wirelessly by an externally worn Therapy Disc, and controlled through a smartphone-based remote-control app. The system has an expected service life of 18 years, and has been recognized for its revolutionary technology, including being named as one of the world’s top 100 new products by R&D Magazine in 2021.

“The Nalu Team is excited about meaningfully expanding and improving the treatment options in the peripheral nerve pain space by setting a new standard of proven care while also offering a disruptive, minimally invasive, solution in the established spinal cord stimulation market,” said Tom West, President, and CEO of Nalu. “We continue to invest in building clinical data to expand access for patients who often don’t have other therapeutic options. We are proud that our efforts serve the greater well-being of patients who suffer from chronic pain and benefit those that care for them.”   

“Nalu’s differentiated neurostimulation product has the potential to benefit millions of patients suffering from chronic neuropathic pain,” said Eric Snyder, partner in the Venture Investments team at Novo Holdings, who will join the Nalu Medical board of directors.

“We are impressed with their growing body of clinical evidence demonstrating meaningful clinical results in both the emerging market for peripheral nerve stimulation and in the established market of spinal cord stimulation. And we are delighted to support Nalu’s strong management team in this period of rapid commercial growth,” added Snyder.

Nalu Medical’s existing investors Advent Life Sciences, Aperture Venture Partners, Decheng Capital, Endeavour Vision, Gilde Healthcare, Longitude Capital, and MVM Partners also joined the round.

About Nalu Medical
Nalu is a Carlsbad, California-based medical technology company focused on developing and commercializing innovative and minimally invasive solutions for patients with chronic neuropathic pain. The Nalu Neurostimulation System delivers gentle electrical pulses to the nervous system to modulate pain signals before they get to the brain. The Nalu System was designed to address major unmet needs in the treatment of chronic neuropathic pain and provide a differentiated value proposition for patients and physicians.

About Novo Holdings A/S
Novo Holdings is a holding and investment company that is responsible for managing the assets and the wealth of the Novo Nordisk Foundation. The purpose of Novo Holdings is to improve people’s health and the sustainability of society and the planet by generating attractive long-term returns on the assets of the Novo Nordisk Foundation.
Wholly owned by the Novo Nordisk Foundation, Novo Holdings is the controlling shareholder of Novo Nordisk A/S and Novozymes A/S and manages an investment portfolio with a long-term return perspective. In addition to managing a broad portfolio of equities, bonds, real estate, infrastructure and private equity assets, Novo Holdings is a world-leading life sciences investor. Through its Seeds, Venture, Growth, and Principal Investments teams, Novo Holdings invests in life science companies at all stages of development.

About the Novo Nordisk Foundation
The Novo Nordisk Foundation is an independent Danish foundation with corporate interests. It has two objectives: 1) to provide a stable basis for the commercial and research activities of the companies in the Novo Group; and 2) to support scientific, humanitarian and social causes.

The vision of the Foundation is to contribute significantly to research and development that improves the lives of people and the sustainability of society. Since 2010, the Foundation has donated more than DKK 30 billion ($5 billion), primarily for research at public institutions and hospitals in Denmark and the other Nordic countries. Read more at

Further information

Dora González, Public Relations Specialist, phone,