ShiraTronics Raises $33 Million, Adds CEO
Brooklyn Park-based ShiraTronics Inc. has raised $33 million in Series A financing. At the same time, the company has tapped med-tech industry veteran Lynn Elliott as its president and CEO.
The company has not previously had a high profile in Minnesota’s med-tech market.
ShiraTronics got its start through NuXcel, which bills itself as a “global medical device accelerator.” NuXcel has locations in Minneapolis, Ireland and Silicon Valley. ShiraTronics is the first company to be spun off from the accelerator.
Elliott is also founder and chief technology officer of NuXcel. Additionally, NuXcel founder and CEO Mudit Jain is the chairman of the board for ShiraTronics.
A representative of ShiraTronics could not be reached for comment.
ShiraTronics is working to develop “novel neuromodulation technologies” to treat migraine headaches. Many medical and pharmaceutical companies are working to develop better treatments for migraine sufferers. The New York-based Migraine Research Organization estimates that 39 million Americans suffer migraines.
“This financing provides us the necessary resources needed to develop and advance a novel therapy in the clinics,” said Elliott in a statement.
Elliott brings decades of med-tech experience to ShiraTronics having worked for large industry players like Guidant and Boston Scientific, but also smaller startup companies. Elliott holds more than 20 U.S. patents.
ShiraTronics’ website indicates that it is “based in Minneapolis and Ireland.”