Neptune Medical raises $97M for GI robotic tech, spins out Jupiter Endovascular

By Sean Whooley | August 16, 2024

The ability to robotically steer catheters can improve endovascular procedures, according to medical device providers. Neptune Medical yesterday announced $97 million in Series D financing and the launch of subsidiary Jupiter Endovascular Inc.

“Neptune Medical is thrilled to announce the successful closure of our Series D financing and the spinout of Jupiter Endovascular,” stated Alex Tilson, founder and CEO of Neptune Medical.

“These significant milestones allow us to sharpen our focus on GI [gastrointestinal] robotics while empowering Jupiter to drive innovation in endovascular treatments,” he added. “We are grateful to our investors for their unwavering support and confidence in our vision.”

Neptune Medical’s foray into the robotics space was bolstered by the recent appointment of surgical robotics pioneer Dr. Fred Moll as chair of its board. The shift also allows Jupiter Endovascular to focus on its own technology platform, said the Burlingame, Calif.-based company.

“The spinout of Jupiter Endovascular is a strategic move that aligns with our long-term goals,” said Moll. “With dedicated resources and leadership, Jupiter is well-positioned to revolutionize endovascular therapies.”

“Meanwhile, Neptune will continue to push the boundaries in GI robotics, delivering transformative solutions to patients and healthcare providers,” he noted. “We intend for both companies to lead the way in innovating within their respective specialties.”

More on Neptune Medical spinout of Jupiter Endovascular

Jupiter Endovascular exited stealth mode with $21 million in new financing. The Menlo Park, Calif.-based company is developing the Endoportal Control platform, which it said will bring the precision and control of direct surgical access to catheter-based surgeries.

“The procedure uses an endoportal device that navigates flexibly through the vasculature via percutaneous access,” explained Jupiter Endovascular. “Once in position, the endoportal device can be fixed into a stable state to deliver an interventional treatment with surgical-like precision and control from an endovascular access point.”

Jupiter earmarked its funding to support an upcoming pivotal trial for pulmonary embolism. It also plans to put money toward developing additional clinical applications of its Endoportal technology.

Following the exit of stealth mode, the company appointed Carl J. St. Bernard as CEO. He joins from Alta Biomaterials and has more than 30 years of experience in the life sciences space.

“The Endoportal Control technology, which leverages Jupiter’s unique and exclusive intellectual property to create a catheter-based device that flexibly navigates through a patient’s vasculature before fixing into a stable position, is designed to give interventionalists the confidence and support they need to deliver a prescribed cardiovascular therapy,” said St. Bernard. “This represents a generational advance in technology with the potential to revolutionize the treatment of millions of patients worldwide.”

Sonder Capital, other investors support novel approach

Sonder Capital and Olympus Corporation of the Americas participated significantly in Neptune Medical and Jupiiter Endovascular’s funding. Other existing and new investors also participated, said Neptune Medical.

“For decades, the field of catheter-based therapies has been limited by the technological constraints of catheters that lose stability and control within the anatomy,” said Kate Garrett, managing partner at Sonder Capital.

“Jupiter Endovascular has developed a revolutionary approach with the potential to overcome these constraints by providing clinicians the precision and control of a surgical approach while maintaining the minimally invasive profile of an endovascular procedure,” she said. “This novel approach may address a significant unmet clinical need in patients with disease residing in complex cardiovascular anatomies, such as the pulmonary arteries.”

Founded in 2019 by Moll and Jay Watkins, Sonder Capital has funded healthcare technology providers including Intuitive Surgical, Procept Biorobotics, and Auris Medical.

Editor’s note: This article was syndicated from The Robot Report sibling site MassDevice.