Salvia Bioelectronics has raised 26 million euros to develop neurostimulation therapy for chronic migraine sufferers. The Eindhoven-based startup is working on neurostimulation technology based on bioelectronic foils that can be inserted below the skin in a minimally invasive procedure. Currently, there are no approved implantable devices available for this purpose.
The founder and current CEO of Salvia, Hubert Martens, was previously involved with Sapiens, a Philips spinoff preparing more precise deep brain stimulation technology. US-Irish medical device company Medtronic acquired (link in Dutch) Sapiens for 200 million dollars in 2014 but ceased all Dutch activities in 2017 (link in Dutch).
Salvia’s Series A investment round was led by Panakès Partners, Inkef Capital and SHS Gesellschaft für Beteiligungsmanagement, with participation from BOM Brabant Ventures, Thuja Capital and Dolby Family Ventures. The total amount raised includes a 5 million euro Innovation Credit from the Netherlands Enterprise Agency (RVO).