Loading organizations...
§ Private Profile · 1905 County Road C West, Roseville, MN 55113
Medical device company developing neuromodulation technology platforms for chronic diseases, addressing unmet clinical needs.
iVEAcare, based in Roseville, Minnesota, develops and commercializes innovative, next-generation neuromodulation technology platforms. These advanced therapies are designed to treat patients suffering from a range of chronic diseases by addressing significant unmet clinical needs within large patient populations. The company recently secured $27.5 million in Series A funding in April 2024. This substantial investment round was led by Vensana Capital, with additional participation from Treo Ventures and Hatteras Venture Partners. Spun out from the NuXcel medical device accelerator, iVEAcare appointed Todd Kerkow as President and CEO in April 2024 to oversee its strategic development and commercialization efforts. The organization was co-founded in 2023 by Mudit Jain, who also serves as Chairman. Its business model centers on venture capital-funded medical device developer through spin-out from NuXcel accelerator.
iVEAcare has raised $28.0M across 1 funding round.
iVEAcare has raised $28.0M in total across 1 funding round.
iVEAcare has raised $28.0M in total across 1 funding round.
iVEAcare's investors include Vensana Capital, HealthX Ventures, Hatteras Venture Partners, Mudit Jain.
iVEAcare is a development-stage medical device company specializing in neuromodulation therapy devices to address unmet clinical needs in chronic diseases, particularly targeting large patient populations like those with seizures.[1][2][3] Founded in 2023 and headquartered in Roseville, Minnesota, it emerged from stealth in April 2024 with a $27.5 million Series A funding round led by Vensana Capital, alongside Treo Ventures, Hatteras Venture Partners, and an undisclosed strategic partner, reaching Series A stage with strong early momentum.[1][2][3] The company serves patients and clinicians in neurology, focusing on innovative therapies that improve outcomes through neuromodulation technology, including an AI-based approach for seizure management as indicated by its first patent filing in September 2024.[1][4]
iVEAcare originated as the third spin-off from NuXcel, a medical device accelerator managed by Mudit K. Jain, PhD, and Lynn Elliott, and backed by Treo Ventures.[2][3] Founded in 2023, it leverages expertise from medtech veterans; co-founder and Chairman Mudit Jain highlighted the spin-off's appeal to top investors, while Todd Kerkow was appointed President and CEO in April 2024.[2][3] Kerkow brings nearly three decades of experience from Guidant, Cameron Health (where he led development of the first subcutaneous implantable defibrillator, acquired by Boston Scientific for over $500M), Boston Scientific, and Cardionomic.[2] The idea emerged from NuXcel's focus on accelerating neuromodulation innovations, with early traction marked by the Series A close upon exiting stealth, enabling development of novel therapies.[2][3]
iVEAcare rides the neuromodulation wave in medtech, amplified by AI advancements for precision neurology treatments like epilepsy, where current options fall short for millions.[1][2][4] Timing aligns with surging investor interest—its Series A reflects confidence in AI-driven devices amid a post-2024 boom in neurotech, fueled by patent activity and regulatory tailwinds for minimally invasive implants.[3][4] Market forces favor it: aging populations drive chronic disease prevalence, while AI enhances seizure detection/prediction, positioning iVEAcare to disrupt a $10B+ neuromodulation market dominated by incumbents like Medtronic and NeuroPace.[1] As a NuXcel spin-out, it influences the ecosystem by validating accelerators as hubs for high-impact medtech, drawing talent and capital to Minnesota's growing device cluster.[2][3]
iVEAcare's near-term path centers on advancing its AI seizure therapy through clinical trials, leveraging $27.5M to hit milestones like FDA submissions by 2026-2027, with potential expansion to other chronic indications.[1][4] Trends like AI-medtech convergence and wearable neuromodulation will accelerate its trajectory, especially as data from real-world implants refines algorithms. Its influence could grow via partnerships with strategics (hinted in funding) or acquisitions, mirroring Cameron Health's path, solidifying iVEAcare as a neuromodulation frontrunner from its strong Series A launch.[2][3]
iVEAcare has raised $28.0M across 1 funding round. Most recently, it raised $28.0M Series A in April 2024.
| Date | Round | Lead Investors | Other Investors | Status |
|---|---|---|---|---|
| Apr 1, 2024 | $28M Series A | Vensana Capital | HealthX Ventures, Hatteras Venture Partners, Mudit Jain | Announced |