Nalu Medical

Nalu operates in the medical-device and neuromodulation segment, addressing chronic intractable pain through spinal cord stimulation (SCS) and peripheral nerve stimulation (PNS). Its differentiating design combines a small, battery-free micro-implantable pulse generator with an external wearable Therapy Disc, avoiding an implanted battery and its associated replacement procedure. The system also supports smartphone-based therapy management and wireless software upgrades. Nalu’s stated FDA clearances across SCS and PNS give it a broad indication footprint within neuromodulation, while its 2025 Aetna coverage milestone and publication of 24-month COMFORT trial results add evidence of progress in reimbursement access and clinical outcomes. The company’s position has also changed materially: Boston Scientific announced a $533 million cash acquisition in October 2025, and coverage reported completion in January 2026. Its clearest points of distinction in the available detail are the battery-free implant architecture, wearable power source, and combined SCS/PNS offering.

Nalu’s financing history reflects a long development path followed by larger growth-oriented rounds. It raised approximately $11.9 million in a 2015 venture round, then $104 million in February 2022 led by Gilde Healthcare and MVM Life Science Partners. A $85 million Series E led by Novo Holdings followed in January 2024. In September 2025, Trinity Capital provided a $50 million venture financing, followed by $21.1 million in debt financing led by Runway Growth Capital in October. The five recorded rounds total $272.0 million. Commercial and product milestones provide additional inflection points: FDA clearance expanded whole-body MRI-conditional use in January 2025; Aetna coverage for PNS was announced in July; and the smaller Therapy Disc launched in August. Publication of 24-month COMFORT results in January 2026 added longer-term clinical evidence. The largest structural shift was Boston Scientific’s announced $533 million acquisition in October 2025, later reported completed in January 2026. This changes the company’s growth context from independent fundraising toward operation under a strategic owner. Appointments reported in 2025 included board chairman Raymond W. Cohen and a new chief marketing officer.