Bioelectronic medicine company Cala Health has raised $77m in a funding round led by new investor Ascension Ventures.
The company’s existing backers also participated in the round along with several other new investors, including PEAK6 Investments’ subsidiary PEAK6 Strategic Capital, Dolby Family Ventures and Innovatus Capital Partners.
Headquartered in the San Francisco Bay Area, California, US, Cala Health seeks to develop a new standard of patient care for chronic disease.
The company’s lead product is Cala Trio, a wrist-worn wearable therapy for the chronic neurological disorder essential tremor. The device has secured approval from the US Food and Drug Administration (FDA).
Cala Health plans to utilise the funds to expand its reach and accelerate innovation. It also intends to explore additional indications beyond essential tremor, including Parkinson’s disease as well as targets in cardiology, psychiatry and autoimmune diseases.
Cala Health CEO Renee Ryan said: “We are honoured to have Ascension Ventures join us on our journey to realise the power of bioelectronic medicine.
“This investment allows us to build upon our strong foundation in treating essential tremor and develop new therapies to help more patients living with chronic disease. Our team is dedicated to closing the massive gap in patient care.”
Essential tremor is characterised by involuntary shaking. It affects speaking, writing, eating and many other essential abilities of patients.
According to the company, the condition affects the daily lives of around 10 million people in the US.
In June, Cala Health partnered with the University of California San Francisco (UCSF) to develop non-invasive peripheral nerve stimulation therapies.