Angelini Ventures has joined a group of investors in backing Avation Medical, a neuromodulation and digital health company, in its oversubscribed Series C funding round. This financing was led by new investors ShangBay Capital and Asahi Kasei and includes Angelini Ventures, JobsOhio Growth Capital Fund, and other investors. Multiple existing investors, including Arboretum Ventures, Tonkawa, Medtronic and Avestria Ventures, also provided additional investments.
Avation Medical raised more than $22 million, which will be used for the U.S. launch of the company's Vivally System, the only non-invasive, FDA-cleared, wearable neuromodulation system for home use that delivers closed-loop, autonomously adjusted electrical stimulation to treat patients with urge urinary incontinence (UUI) and urinary urgency caused by overactive bladder (OAB) syndrome.
The Vivally System is worn on the ankle and is used at home for therapy sessions lasting only 30 minutes, as little as once per week. It uses proprietary algorithms and electromyographical sensors to detect and calibrate the level of energy being delivered to the tibial nerve during stimulation to ensure optimal, customized therapeutic output in a true real-time, closed-loop operation. Vivally requires no surgery and no drugs, representing a significant advancement in the treatment of OAB. In two multi-center clinical trials, the Vivally System was shown to significantly reduce daily void, incontinence, and urgency episodes and improve patient quality of life. Additionally, the System facilitated an 88-percent therapy compliance rate. Symptom reduction was demonstrated out to one year, even with a decrease in therapy frequency.
Avation Medical is launching the Vivally System with a prescription in key markets in early Spring 2024 and is poised to revolutionize the way urinary incontinence and urgency caused by overactive bladder syndrome is treated.