The pace of venture capital deals has been slowing this year, but the fundraising tap hasn’t entirely turned off. While investors might be wary about newer startups, they’re apparently less skittish about funding more established companies. Case in point: Edina-based med-tech firm Relievant Medsystems.

Founded in 2006, the company this month said it raised $50 million in a Series G raise. Relievant has been steadily working to develop and commercialize a novel treatment for lower back pain. President and CEO Tyler Binney said the company has raised a total of $240 million to date.

Relievant is specifically targeting a form of back pain known as vertebrogenic pain, which occurs when there’s damage to “vertebral endplates” in the spine. These structures are layers of bones and cartilage separating spinal discs from vertebrae. An estimated 5 million Americans suffer from vertebrogenic pain, Binney said. It’s a smaller subset of the roughly 30 million patients in the U.S. who suffer general chronic back pain.

Binney said that vertebrogenic pain tends to “manifest itself when patients do ‘forward-flexion’ movements, like tying their shoes, leaning forward to pick something up, sitting for an extended period of time.”

“It’s a very debilitating type of lower back pain,” he added.

Known as the “Intracept Procedure,” Relievant’s treatment is designed to tackle this pain via a minimally invasive procedure.

Binney said it wasn’t hard to find interested investors in the latest round of funding. Relievant’s longevity likely played a role: The company earned FDA approval for its lower back treatment back in 2016. Binney conceded that “not everyone in the med-tech community has that advantage, depending on what state they’re at.”

Binney said the $50 million will enable his company to “continue building out the corporate infrastructure needed to support growth.” That will likely include hiring new employees and making more “investments in innovation,” he said.

New York City-based Ally Bridge Group led the Series G raise. Other investors included Vensana Capital, Lightstone Ventures, and New Enterprise Associates, an early funder in ill-fated health insurance startup Bright Health.

For his part, Binney is confident in Relievant’s future. With FDA approval and more investor dollars pouring in, the company is in in “full-blown commercialization mode,” he said. The firm logged revenue just north of $37 million in 2022, and it’s continuing to seek widespread adoption of its treatment.