UK-listed drugs company GlaxoSmithKline’s (GSK) new strategic corporate venturing fund for bioelectronic medicines and technologies has joined a consortium to investing in the $27m series D round for SetPoint Medical, a US-based biomedical technology company. Alongside GSK’s Action Potential Venture Capital fund in the round were corporate venturing peers from healthcare companies Covidien and Boston Scientific and venture capital firms Morgenthaler Ventures, Foundation Medical Partners, which has Cleveland Clinic as a strategic limited partner, and Topspin Partners. The three venture capital firms had been part of previous rounds providing about $14.3m to SetPoint since 2007, according to regulatory filings. The latest round will be used to expand ongoing clinical development of the SetPoint bioelectronics therapy approach in rheumatoid arthritis and Crohn’s disease and develop its neuromodulation platform, which consists of an implantable miniature neuromodulation device, wireless charger and iPad prescription pad application. SetPoint was co-founded by neurosurgeon Kevin Tracey, chief executive of Feinstein Institute for Medical Research and professor at and president of the Elmezzi Graduate School of Molecular Medicine in Manhasset, New York.
Sectors
- News & Analysis
- Home
- Global Corporate Venturing
- Global University Venturing
- Latest News
- Publications
- Podcast
- Deal Data
- Video
- Subscribe
- Newsletters
- Community & Events
SetPoint pulses with $27m
Aug 9, 2013 • Global Corporate Venturing
LEADERSHIP SOCIETY
Informing, connecting, and transforming the global corporate venture capital ecosystem.
The Global Corporate Venturing (GCV) Leadership Society’s mission is to help bridge the different strengths and ambitions of investors across industry sectors, geography, structure, and their returns.Featured Content
FUNDING ROUND DATA Which corporates are backing which startups? Search our corporate deal database.FUNDING ROUND DATA
Which corporates are backing which startups? Search our corporate deal database.
About us
GCV provides the global corporate venturing community and their ecosystem partners with the information, insights and access needed to drive impactful open innovation. Across our three services - News & Analysis, Community & Events, and the GCV Institute - we create a network-rich environment for global innovation and capital to meet and thrive. At the heart of our community sits the GCV Leadership Society, providing privileged access to all our services and resources.
Navigation
test regLogin
Not yet subscribed?
This website uses cookies to improve your experience. We'll assume you're ok with this, but you can opt-out if you wish.Accept Read MorePrivacy & Cookies PolicyPrivacy Overview
This website uses cookies to improve your experience while you navigate through the website. Out of these, the cookies that are categorized as necessary are stored on your browser as they are essential for the working of basic functionalities of the website. We also use third-party cookies that help us analyze and understand how you use this website. These cookies will be stored in your browser only with your consent. You also have the option to opt-out of these cookies. But opting out of some of these cookies may affect your browsing experience.Necessary cookies are absolutely essential for the website to function properly. This category only includes cookies that ensures basic functionalities and security features of the website. These cookies do not store any personal information.Any cookies that may not be particularly necessary for the website to function and is used specifically to collect user personal data via analytics, ads, other embedded contents are termed as non-necessary cookies. It is mandatory to procure user consent prior to running these cookies on your website.