MicroTransponder Closes $73M in Series E Financing
Austin, TX, September 21, 2022 (FinSMEs) -- MicroTransponder, an Austin, TX-based company focused on restoring dignity and enhancing daily living for people suffering from neurological conditions that impair sensory and motor function, raised $73M in Series E funding.
The round was led by US Venture Partners, GPG Ventures and Exceller Hunt Ventures with participation from Osage University Partners, Action Potential Venture Capital and The Vertical Group.
The company intends to use the funds for the market development and commercialization of its FDA-approved Vivistim Paired VNS System, which uses vagus nerve stimulation (VNS) during rehabilitation therapy to improve upper limb function for stroke survivors.
Led by CEO Richard Foust and newly added COO Prashant Rawat, MicroTransponder is a global medical device company committed to developing research-based neuroscience solutions. Its FDA-approved VivistimPaired VNS System is a clinically proven medical technology that generates more improvement in upper limb function than rehabilitation alone for stroke survivors after six weeks of in-clinic therapy.
A named inventor on more than 85 patents and patent applications, Rawat has over 25 years of global experience in building and leading medical device teams to deliver novel therapies in the neurostimulation, neurovascular and cardiac fields. Most recently, he was the COO at Mainstay Medical, where he led research and development, clinical and regulatory efforts from inception to market approval, and scaled operations for commercial launches in Europe, Australia and the United States. Prior to that, he held positions at CSF Therapeutics, CVRx and Boston Scientific. Rawat has also held previous management positions in manufacturing and distribution and intellectual property.
Rawat will primarily focus on scaling MicroTransponder’s operations to meet commercial demand of Vivistim while also securing additional indications for Vivistim and advancing development of the next generation Paired VNS Therapy system.