K:D Partner Axonics Modulation Technologies Receives $38.5M in Funding

Karten Design is thrilled to announce that our partner Axonics Modulation Technologies recently raised $38.5 million in a Series B financing round for its groundbreaking sacral neuromodulation (SNM) implant and system. K:D helped Axonics design a streamlined ecosystem of devices that dramatically improves the user experience around its SNM technology. Now, Axonics is expected to go toe-to-toe with medical device giant Medtronic’s InterStim SNM implant.

"Revenue from the sale of SNM devices is estimated to be approaching $600 million annually with nearly 30,000 devices implanted in patients in 2014 alone," noted Axonics CEO Raymond Cohen in a statement. "Revenue for this market is projected to grow to over $1 billion by 2019. With only one player in the SNM market today, this represents a significant opportunity for Axonics stakeholders and patients alike."

This financing will be used to conduct a clinical study in overactive bladder patients in Europe and North America later this year.

Read more about Axonics' recent financing round here.