Saluda Medical closes $100M financing round as ECAP closed-loop SCS approaches global commercial scale
Summary
Saluda Medical announced closure of a $100 million financing round in January 2025, bringing total funding to $220M+ to support global commercial expansion of the Evoke System — the world's first closed-loop SCS system that directly measures evoked compound action potentials from the spinal cord. The Evoke System uses ECAPs to automatically optimize stimulation 4 million+ times per day, adapting to posture changes and physiological variation in real time. Multiple RCTs have demonstrated Evoke's superiority over conventional open-loop SCS for chronic back and leg pain.
Why it matters
Saluda Medical raising $100M while Evoke is already commercially available and demonstrating RCT superiority over conventional SCS represents one of the most de-risked investment opportunities in neuromodulation. Their ECAP-based closed-loop approach has already solved the technology risk — what this round funds is commercial scale, geographic expansion, and the health economic evidence needed for broad insurance coverage.
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