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ShiraTronics

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Developing a migraine-specific device implanted beneath the skin to deliver continuous stimulation to nerves linked to migraines

Minneapolis, United StatesFounded 2018Health Tech & Medtech
Valuation $250–500M Last recorded · 2024
Headcount <100 Current team size
Total funding $100–500M Disclosed equity funding
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About ShiraTronics

ShiraTronics is a clinical-stage medical device company, founded in 2019 by Lynn Elliott and Mudit K. Jain, PhD, MBA, and is headquartered in Minneapolis, Minnesota. It was established as the first spinout from the medical accelerator NuXcel. The company is focused on providing a solution for patients with chronic migraine, specifically those who experience 15 or more headache days a month and have not found relief from conventional treatments.

The business operates within the neuromodulation market, which is projected to be a multi-billion dollar sector in the coming years. ShiraTronics' revenue model will be based on the sale of its medical device to healthcare facilities and practitioners specializing in headache treatment once it receives regulatory approval. The company has secured significant financing to fund its clinical trials and path to commercialization, raising a total of $108 million over three rounds, including a $66 million Series B in September 2024 led by Norwest Venture Partners. This funding supports the company's efforts to gain premarket approval from the FDA.

The core of ShiraTronics' offering is a fully implantable neuromodulation system designed to prevent and relieve chronic migraine attacks. This system involves a minimally invasive surgical procedure to place the device just beneath the skin in the head. It delivers continuous, low-level electrical pulses to the occipital and supraorbital nerves, which are associated with migraine pain. The therapy aims to interrupt and calm these pain signals 24 hours a day, with patients able to manage the device via a dedicated application and weekly wireless charging sessions. A key differentiator is that the system is purpose-built for the anatomy of the head, a feature intended to avoid complications seen with off-label uses of other neuromodulation devices. Clinical studies have shown promising results, with participants reporting significant reductions in the frequency and severity of migraine days and an improved quality of life. The company received FDA Breakthrough Device Designation in 2021 and is conducting its pivotal RELIEV-CM2 clinical trial across sites in the United States and Australia.

The leadership team consists of seasoned professionals from the medical device industry. Rob Binney, a 25-year veteran with experience at companies like Boston Scientific and Intersect ENT, took over as CEO in July 2022, succeeding co-founder Lynn Elliott in a planned transition. Binney's background includes leading Alydia Health through a successful acquisition by Organon, demonstrating a strong track record in both clinical development and commercialization.

Source: Dealroom company data

At a glance

Status
Operational
Founded
2018
Headquarters
Minneapolis, United States
Employees
35
Open positions
None listed
Dealroom signal
80.7/100
Industry
Health
Sub-industry
Medical Devices
Sector
Health Tech & Medtech, medical implants, Neurology, Neuromodulation and Neurostimulation, Chronic Disease, Clinical Trials, Tech for Patients, DT and LS, science-based
Technology
Deep Tech
Business model
Manufacturing
Client focus
b2b

Funding history

4 recorded events

Company financing events and reported valuations.

Deal typeDateAmountValuationInvestorsSource
SERIES BOther financing Oct 2024 $66M $264M Seroba Life Sciences · OSF Ventures · Amzak Health · Global BioAccess Fund ↗
SERIES AOther financing Aug 2023 $5M $20M Undisclosed ↗
Showing the latest 2 of 4 recorded eventsBook a demo for the full funding history →

Growth signals

ShiraTronics website traffic

Latest recorded traffic for ShiraTronics is 1.9K monthly website visits, up 58.3% over the last three months. ShiraTronics's team grew 0% over the past year.

Latest monthly visits1.9K 3-month web change+58.3% 1-year team growth0%
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Investments and acquisitions

Capital deployed

Recent portfolio relationships for companies that also act as investors or acquirers.

Investors

10 investors on the cap table

From Dealroom's funding and investor records, grouped by the round each investor first entered.

Series A10 investors entered at this stage

Team profiled 5 named & role-tagged
Founders Hidden — book a demo/100 quality score
Key operators 3 quality Hidden — book a demo/100
Potential founders Hidden — book a demo likely future founders
Startup mafia Hidden — book a demo alumni-founded startups
Talent movements Hidden — book a demo in · Hidden — book a demo out past 12 months

Source: Dealroom Talent Intelligence.

Global footprint

Workforce and web traffic by country
Workforce by country
4 countries with
team presence
🇺🇸 United States79.3%
🇦🇺 Australia10.3%
🇮🇪 Ireland6.9%
🇩🇪 Germany3.5%
4 countries shown

Market sentiment

Posts on X, past 7 days

An AI-synthesised read of the highest-engagement posts about ShiraTronics on X, ranked by likes and reposts, corporate channels excluded.

Reading the room on X — pulling top posts and synthesizing themes…

Source: X recent search ranked by engagement (likes + retweets) · Synthesis by Claude · Cached for 1 hour

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