Phoenix, AZ - Sep 16, 2025 (UTC) - Trinity Capital Inc. (Nasdaq: TRIN), a leading alternative asset manager, has announced the commitment of up to $50 million in growth funding to Nalu Medical, Inc., a commercial-stage medical device company focused on developing and commercializing neurostimulation solutions for patients with chronic intractable neuropathic pain.
Nalu is focused on creating solutions for chronic neuropathic pain through its proprietary implantable pulse generator device. The company’s Neurostimulation System features a small, non-integrated, implanted medical device that uses advanced electrical impulse waveforms to modulate pain signals before they reach the brain. Nalu’s micro-IPG device is minimally invasive, battery-free, and can be controlled from the patient’s smartphone.
The funding comes as Nalu has achieved significant regulatory milestones, including FDA clearance for implantation and recently receiving FDA clearance for expanded labelling of its Peripheral Nerve Stimulation therapy, now approved for whole-body MRI-conditional use. The company has also launched its next-generation Therapy Disc and published what it believes is the largest long-term real-world data set for a permanent PNS device that demonstrated reliable long-term pain relief to a broad spectrum of patients.
“We are proud to partner with and support Nalu as they advance the care of patients with chronic neuropathic pain,” said Rob Lake, Senior Managing Director of Life Sciences at Trinity Capital. “We believe Nalu is a leader in PNS and is reshaping the pain management landscape through their innovative technology and robust clinical data.”
“We welcome Trinity Capital as a financing partner and appreciate their confidence in providing us this important financial flexibility as we continue our commercial expansion of our newly launch, next-generation Therapy Disc, and build upon our recent publication of what we believe is the largest long-term real-world data set for a permanent PNS device that demonstrated reliable long-term pain relief to a broad spectrum of patients,” said Tom West, President and CEO of Nalu.
The Nalu Neurostimulation System delivers gentle electrical pulses to the nervous system to modulate pain signals before they get to the brain, addressing major unmet needs in the treatment of chronic neuropathic pain and providing a differentiated value proposition for patients and physicians. The system’s innovative design allows for minimally invasive treatment with battery-free operation and smartphone control, setting it apart from traditional pain management solutions.
Trinity Capital’s investment reflects the company’s commitment to supporting innovative medical technology companies through its Life Sciences vertical. With five distinct business verticals including Sponsor Finance, Equipment Finance, Tech Lending, Asset-Based Lending, and Life Sciences, Trinity Capital serves as a long-term trusted partner for growth-oriented companies seeking tailored debt solutions.
This growth funding builds on Nalu’s previous equity financing rounds, including an $85 million Series E round that closed in March 2024 with participation from B Capital, bringing the total Series E to $85 million, and a $65 million equity financing led by Novo Holdings completed in January 2024.
About Nalu Medical, Inc.
Nalu is a Carlsbad, California-based medical technology company focused on developing and commercializing innovative and minimally invasive solutions for patients with chronic neuropathic pain. The Nalu Neurostimulation System delivers gentle electrical pulses to the nervous system to modulate pain signals before they get to the brain. The Nalu System was designed to address major unmet needs in the treatment of chronic neuropathic pain and provide a differentiated value proposition for patients and physicians. The company’s micro-IPG device is minimally invasive, battery-free, MRI-compatible, and can be controlled from the patient’s smartphone.
