The gastrointestinal device and robotics developer Neptune Medical announced it has raised $97 million in venture capital funds—and that it’s launched another subsidiary into its orbit.
Jupiter Endovascular aims to improve the precision and control of catheter-based therapies, starting with a focus on treating blood clots lodged within the lung.
The Menlo Park, California-based startup will start out with $21 million in funding and a plan to begin a pivotal clinical trial of its Endoportal Control technology—hardware that maintains its flexibility as it snakes through the body’s blood vessels but can turn rigid and hold its position once in place for a pulmonary embolism procedure.
Neptune Medical employs a similar, toggleable approach in gastrointestinal procedures, with its Pathfinder sleeve that wraps around the outside of an endoscope. The addition can become stiff to help stabilize the device to prevent loops from forming in the tube.
“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, which participated in the funding of both Neptune Medical and Jupiter Endovascular.
“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,” Garrett said in a statement. “This novel approach may address a significant unmet clinical need in patients with disease residing in complex cardiovascular anatomies, such as the pulmonary arteries.”
Neptune Medical’s series D round was also joined by Olympus, among other previous and first-time backers.
“These significant milestones allow us to sharpen our focus on GI robotics while empowering Jupiter to drive innovation in endovascular treatments,” said founder and CEO Alex Tilson.
“The spinout of Jupiter Endovascular is a strategic move that aligns with our long-term goals,” added robotic surgery pioneer Fred Moll, who was named chairman of Neptune Medical’s board in November 2023. “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. We intend for both companies to lead the way in innovating within their respective specialties.”
Jupiter Endovascular will be led by Carl St. Bernard, who formerly served as president and CEO of Alta Biomaterials, and previously held executive roles at CeloNova BioSciences, Tryton Medical, Johnson & Johnson Vision, LifeCell, Cordis and GE Healthcare.
Neptune Medical also houses the subsidiary Triton Medical Robotics, which is developing a flexible, endoluminal surgical device for reaching deep human anatomy.