GlaxoSmithKline and Medtronic have provided capital to Saluda Medical, a medical device maker working on a spinal cord stimulator system.

Australia-based medical device producer Saluda Medical secured A$53m ($40m) in a funding round yesterday led by Action Potential Venture Capital, a bioelectronic medicines-focused vehicle of pharmaceutical firm GlaxoSmithKline.

Medical device maker Medtronic also participated in the round alongside other, unnamed backers.

Founded in 2013, Saluda Medical is working on closed-loop neuromodulation technologies to treat conditions such as chronic back pain. The company’s first device, the Evoke Spinal Cord Stimulation System, automatically adapts electrical stimulation to a patient’s neural response in…