Nalu Medical

Carlsbad, CA MedTech Acquired

Nalu Medical develops battery-free, micro-implantable neurostimulation devices for chronic pain management. The company's flagship Nalu Neurostimulation System is FDA-cleared for peripheral nerve stimulation (PNS) and spinal cord stimulation (SCS), featuring a minimally invasive implantable pulse generator powered wirelessly by an external therapy disc and controlled via smartphone app.

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Acquired

Nalu Medical has been acquired

Acquired by Boston Scientific Corporation Jan 28, 2026 $533M

This company is no longer available on our private secondary market.

Overview

Company data and valuation marks are estimates and may be incomplete, stale, erroneous, or revised.

Founded

2014

Employees

250–254

Total Funding

$387.63M

10 rounds

Secondary Signals (Note: SetterVC does not verify the accuracy of these)

2 signals

M&A Recent amount ~$523M upfront cash (net of cash acquired) for remaining ~91% stake; ~$600M full transaction value reported at announcement 2026-01-27

Completed acquisition: Boston Scientific bought remaining 91% of Nalu Medical for ~$523M cash, folded into Neuromodulation division.

Full cash exit for remaining holders; no further secondary market in Nalu equity.

via Boston Scientific Corp 10-Q (SEC EDGAR)

Fundraise Recent term loan, up to $50M committed; $15.3M principal outstanding at 2025-09-30 at Prime + 3.0% (10.0% floor) with a 4.0% end-of-term charge, maturing Aug 2030 2025-07-03

Nalu Medical took a secured growth term loan from Trinity Capital dated Jul 3, 2025 - up to $50M committed, $15.3M drawn by Sep 30, 2025; announced Sep 16, 2025.

Non-dilutive growth capital months before the Boston Scientific sale; most of the ceiling was never drawn.

via Trinity Capital Inc. Form 10-Q (SEC EDGAR)

Funding

Funding data and valuation marks are estimates and may be incomplete, stale, erroneous, or revised.

Total raised $387.63M across 10 rounds

Last updated 09-26-2026

Date	Round	Amount Raised	Valuation	Lead Investors
Jul 3, 2025	Growth debt — Trinity Capital Press release	$15.3M	—	Trinity Capital
Oct 2024	Series E (third close)	$30M	—
Mar 5, 2024	Series E (extension) Press release	$20M	—	B Capital

Prominent Investors

B Capital

Leadership

Thomas West
President and Chief Executive Officer
Keegan Harper
Founder and Chairman
Lee Hartley
Founder and Chief Technology Officer
Daniel Pivonka
Co-Founder

Competitors

Competitor list is illustrative and may be incomplete, stale, or erroneous.

Stimwave Technologies
Wireless micro-sized neurostimulation systems for minimally invasive peripheral nerve and spinal cord stimulation with external battery configuration
SPR Therapeutics
Peripheral nerve stimulation devices for chronic pain management
BlueWind Medical
Peripheral nerve stimulation technology for pain management
Mainstay Medical
Restorative neurostimulation technology for chronic pain
Neuspera Medical
Peripheral nerve stimulation devices for chronic pain treatment

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