
SecondWave Systems
Developing a novel, ultrasound-based wearable neuromodulation platform.
Date | Investors | Amount | Round |
---|---|---|---|
investor | €0.0 | round | |
investor | €0.0 | round | |
N/A | €0.0 Valuation: €0.0 | round | |
* | $7.0m | Series A | |
Total Funding | 000k |
USD | 2021 | 2022 | 2023 |
---|---|---|---|
Revenues | 0000 | 0000 | 0000 |
EBITDA | 0000 | 0000 | 0000 |
Profit | 0000 | 0000 | 0000 |
EV | 0000 | 0000 | 0000 |
EV / revenue | 00.0x | 00.0x | 00.0x |
EV / EBITDA | 00.0x | 00.0x | 00.0x |
R&D budget | 0000 | 0000 | 0000 |
Source: Dealroom estimates
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Positioned at the intersection of medical technology and bio-ultrasonic medicine, SecondWave Systems is a clinical-stage company developing a new class of noninvasive therapies for inflammatory diseases. The company was formally launched in 2019 by co-founders Anuj Bhardwaj, Jeff Heyman, and Hubert Lim. The concept grew from Bhardwaj's experience at The Ultran Group, a company founded by his parents in 1977 that specialized in industrial ultrasonic equipment. Bhardwaj, identifying the potential for ultrasound technology in medicine, began exploring its therapeutic applications in 2018, leading to the creation of SecondWave Systems. This venture combines Bhardwaj's focus on transitioning new technologies into high-impact applications, Heyman's extensive background in the medical device industry, and Lim's deep scientific expertise in neuromodulation.
SecondWave's core offering is the SecondWave MINI™, a wearable, non-invasive, low-intensity focused ultrasound (LiFU) device. This platform is designed to provide an alternative to traditional medications for patients with chronic conditions by using ultrasound to modulate nerves, cells, and organs deep within the body. The technology specifically targets the spleen to modulate the immune response and reduce inflammation, aiming to treat immune-mediated inflammatory conditions such as rheumatoid arthritis (RA) and potentially Long COVID. For patients, this approach offers a new treatment path that may complement existing therapies and reduce dependency on costly drugs that often have significant side effects. The device is intended for in-home self-administration, featuring proprietary sensing and imaging capabilities for personalized therapy.
The company's business model centers on the development and commercialization of this proprietary medical device, targeting a significant market where conditions like RA affect millions and incur substantial treatment costs. SecondWave Systems has made considerable progress, securing over $15 million in funding from government bodies like the National Institutes of Health (NIH), the Defense Advanced Research Projects Agency (DARPA), and the Advanced Research Projects Agency for Health (ARPA-H). A key achievement was receiving a "non-significant risk" designation from the FDA in early 2021, which accelerated the start of human trials. Following a successful first-in-human pilot study that showed a significant reduction in RA disease activity, the company closed a $7 million Series A funding round in April 2025 to support its next phase of clinical trials. The company has also joined Johnson & Johnson's JLABS incubator and the Fogarty Innovation's Company Accelerator Program to further its growth.
Keywords: bio-ultrasonic medicine, noninvasive therapy, wearable medical device, ultrasound stimulation, inflammatory disease treatment, rheumatoid arthritis therapy, spleen stimulation, neuromodulation, low-intensity focused ultrasound (LiFU), chronic inflammation, SecondWave MINI, clinical-stage medical device, personalized therapy, home-use medical device, immune modulation, bioelectric medicine, medtech, health-tech, digital therapeutics, non-drug therapy