An Israeli migraine treatment device company, Theranica, one of the portfolio companies of Corundum Innovation Fund which has been operated by Corundum Open Innovation Ltd. as its General Partner, raised＄45 million in the first closing of Series C financing round. Due to high investor interest, the company has extended the financing round, planning a final closing in October.
Theranica is an advanced medical technology company which developed Nerivio®, the FDA cleared, wearable therapeutic patch for the treatment of migraine. The device is controlled by intuitive smartphone applications which enables the therapy treatment to adapt to our lifestyle of today and thus offers an effective, personal, non-invasive and disposable product. By just wearing this clinically-tested patch to the arm without placing electrodes and other cumbersome devices on the head, a personalized program for pain relief launches.
Starting with the news that Costco Wholesale Corporation added Nerivio® to its Member Prescription Program in June 2022, Theranica will move forward to expand its commercial activity in the US market with the huge potential of the device.
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About Corundum Innovation:
Corundum Innovation Co., Ltd., and Corundum Ventures Ltd. (Hereafter Corundum) provide venture capital (VC) investment and consulting services to investors for both financial and strategic returns. Corundum provides flexible services to COIF’s investors for new business development in various phases with our expertise in science, technology, business development, corporate management, finance and consulting, as well as our strong network with top Israeli VC and the valuable information we can access through fund activities. Corundum’s support includes information gathering, negotiation for partnership, direct investment, market development, HR development, and fund formation.