Nuvaira Valuation, Funding & Investors
Nuvaira is valued at $107M as of April 2014.
Last Nuvaira valuation
$107M
Series D · Apr 2014
Last Nuvaira funding round
$36M
Undisclosed stage · Mar 2026
Cumulative funding Nuvaira raised
$221M
across 8 funding rounds
Key investors in Nuvaira
Versant Ventures
Morgenthaler Ventures
Split Rock Partners
Advanced Technology Ventures
Windham Venture Partners
Vertex Ventures HC
About Nuvaira
Nuvaira is a Minneapolis-headquartered medical device company developing the Rheox system, a catheter-based treatment for COPD that targets airway smooth muscle to improve lung function. Founded in 2008 and formerly known as Galvanize Therapeutics, it conducts trials in the U.S. and Europe for emphysema patients.
Founded
2008
HQ
Minneapolis, MNWebsite
Status
Privately held
Customer focus
B2B
Revenue model
Product sales
Valuation
$107M (Apr 2014)
Sectors
Nuvaira Valuation
Nuvaira is currently valued at $107M, based on its Series D in April 2014.
The $42M round included Vertex Ventures, Vertex Ventures HC, Versant Ventures, Split Rock Partners, Windham Venture Partners and 2 other investors.
Nuvaira valuation by funding round
| Date | Stage | Valuation |
|---|---|---|
| Apr 2014 | Series D | $107M |
Nuvaira Funding History
Nuvaira has raised a total of $221M across 8 funding rounds.
Nuvaira's first fundraising round was a $10M Series C in February 2013. The most recent completed round was a $36M undisclosed-stage round in March 2026.
Nuvaira funding rounds
| Date | Stage | Investors | Raised | Valuation | Deal Summary |
|---|---|---|---|---|---|
| Mar 2026 | Undisclosed stage | - | $36M | - | - |
| Nov 2023 | Undisclosed stage | - | $15M | - | Nuvaira raised $15.1 million in venture funding from undisclosed investors on November 30, 2023. The company develops medical devices to improve outcomes for patients with obstructive lung diseases, including the dNerva lung denervation system that treats lung ailments by delivering electrical pulses to overactive nerves in the airways. Nuvaira is based in Maple Grove, Minnesota, and was founded in 2008. Earlier, in February 2019, Nuvaira closed a $79 million equity financing round led by U.S. Venture Partners, with participation from Endeavour Vision, Qiming Venture Partners, Lightstone Ventures, Richard King Mellon Foundation, and existing investors including Advanced Technology Ventures, Morgenthaler Ventures, Split Rock Partners, Versant Ventures, Vertex Ventures HC, Vertex Growth Fund, and Windham Venture Partners. The funds supported the pivotal AIRFLOW-3 clinical trial for FDA approval and clinical development in European markets for its targeted lung denervation therapy for chronic obstructive pulmonary disease (COPD). The company had positive results from the Phase 2b AIRFLOW-2 randomized, sham-controlled trial in COPD patients on maximal pharmacologic therapy. |
| Jan 2021 | Seed | - | $4M | - | Nuvaira develops novel therapeutic medical devices, including the dNerva lung denervation system, to treat obstructive lung diseases such as chronic obstructive pulmonary disease (COPD). The company announced a $79 million equity financing round on February 11, 2019, led by U.S. Venture Partners, with participation from Endeavour Vision, Qiming Venture Partners, Lightstone Ventures, Richard King Mellon Foundation, and existing investors including Advanced Technology Ventures, Morgenthaler Ventures, Split Rock Partners, Versant Ventures, Vertex Ventures HC, Vertex Growth Fund, and Windham Venture Partners. The funds supported the pivotal AIRFLOW-3 clinical trial for FDA approval and clinical development in key European markets. Nuvaira conducted the AIRFLOW-2 trial, a Phase 2b randomized, sham-controlled study showing positive results for its catheter-based system in COPD patients on maximal pharmacologic therapy. The company also advanced the AIRFLOW-1 safety and dose-ranging study earlier. In 2019, pivotal trials began, and the dNerva system became the first pulmonary product accepted into France’s National Authority for Health Forfait Innovation program. Post-2019, Nuvaira raised additional funds, including $15.1 million on November 30, 2023, from undisclosed investors, and continued later rounds such as Series F in 2024, bringing total funding over $190 million across multiple rounds. |
| Jul 2020 | Series F | - | $31M | - | Nuvaira is a medical device company developing novel therapeutic devices, such as a catheter-based system called targeted lung denervation (TLD), to treat obstructive lung diseases like chronic obstructive pulmonary disease (COPD). The company has conducted clinical trials including the Phase 2b AIRFLOW-2 randomized sham-controlled trial and plans for the pivotal AIRFLOW-3 trial to support FDA approval and European market development. The focus remains on clinical advancement for COPD treatments amid an unmet need for patients with persistent exacerbations despite maximal pharmacologic therapy. In February 2019, Nuvaira closed a $79 million equity financing round led by U.S. Venture Partners, with participation from Endeavour Vision, Qiming Venture Partners, Lightstone Ventures, Richard King Mellon Foundation, and existing investors including Advanced Technology Ventures, Morgenthaler Ventures, Split Rock Partners, Versant Ventures, Vertex Ventures HC, Vertex Growth Fund, and Windham Venture Partners. The funds were earmarked to support the AIRFLOW-3 trial and targeted clinical strategies in key European markets. Nuvaira has raised a total of approximately $191.19M to $208.3M across 9 to 11 funding rounds since its founding in 2008, with later rounds including Series F extensions like $0.05M on May 9, 2024, from Lightstone Ventures and U.S. Venture Partners, $15.1M on November 30, 2023, from undisclosed investors, and a $52,900 pre-seed noted in 2024. Investors include U.S. Venture Partners, Lightstone Ventures, Morgenthaler Ventures, Advanced Technology Ventures, and Vertex Ventures HC. The company appointed Lisa Rogan as SVP of market development in 2019, leveraging her expertise in interventional pulmonary devices for severe COPD. |
| Feb 2019 | Series E | U.S. Venture Partners (lead); Lightstone Ventures; Vertex Ventures HC; Versant Ventures; Qiming Venture Partners; Split Rock Partners; Windham Venture Partners; Richard King Mellon Foundation; Endeavour Vision; Advanced Technology Ventures; Morgenthaler Ventures | $79M | - | Nuvaira, a Minneapolis-based developer of novel therapeutic medical devices for treating obstructive lung diseases like chronic obstructive pulmonary disease (COPD) and asthma, closed a $79 million equity financing round on February 11, 2019, led by U.S. Venture Partners. New investors included Endeavour Vision, Qiming Venture Partners, Lightstone Ventures, and the Richard King Mellon Foundation, alongside all existing investors such as Advanced Technology Ventures, Morgenthaler Ventures, Split Rock Partners, Versant Ventures, Vertex Ventures HC, and Windham Venture Partners. The funds are designated to support the pivotal AIRFLOW-3 clinical trial for FDA approval of Nuvaira's Lung Denervation System, a catheter-based targeted lung denervation (TLD) procedure using radiofrequency ablation to address airway hyper-responsiveness in COPD patients unresponsive to maximal pharmacologic therapy. This builds on positive results from the Phase 2b AIRFLOW-2 randomized, sham-controlled trial and prior studies, positioning TLD as a potential one-time, minimally invasive alternative via bronchoscope. Proceeds will also fund a targeted clinical development strategy in key European markets. Nuvaira simultaneously appointed Lisa Rogan as Senior Vice President of Market Development, leveraging her 20+ years in medical devices, including a decade in interventional pulmonary treatments for severe COPD from roles at PneumRx (BTG) and Pulmonx. The financing reflects strong investor confidence in the technology's clinical performance and market potential in interventional pulmonology, with AIRFLOW-3 noted as the first pivotal trial of its kind. |
| May 2018 | Seed | - | $4M | - | Nuvaira develops novel therapeutic medical devices to treat obstructive lung diseases, including a catheter-based system called Targeted Lung Denervation (TLD) for chronic obstructive pulmonary disease (COPD). The company, formerly known as Holaira, is headquartered in Minneapolis, MN, and was founded in 2008. In early 2018 to 2019, Nuvaira closed a $79 million equity financing round led by U.S. Venture Partners, with participation from Endeavour Vision, Qiming Venture Partners, Lightstone Ventures, Richard King Mellon Foundation, and existing investors including Advanced Technology Ventures, Morgenthaler Ventures, Split Rock Partners, Versant Ventures, Vertex Ventures HC, Vertex Growth Fund, and Windham Venture Partners. The funds supported the pivotal AIRFLOW-3 clinical trial for FDA approval and clinical development in key European markets. Previously, the company raised about $42 million in a Series D round in 2014. Nuvaira completed clinical studies including IPS-I/II, AIRFLOW-1, and AIRFLOW-2, a randomized sham-controlled double-blind trial showing positive results in COPD patients on maximal pharmacologic therapy. In April 2018, it received acceptance into France's Forfait Innovation program for TLD therapy reimbursement. |
| Apr 2014 | Series D | Vertex Ventures; Vertex Ventures HC; Versant Ventures; Split Rock Partners; Windham Venture Partners; Advanced Technology Ventures; Morgenthaler Ventures | $42M | $107M | - |
| Feb 2013 | Series C | Versant Ventures; Split Rock Partners; Advanced Technology Ventures; Morgenthaler Ventures | $10M | - | Nuvaira, formerly known as Innovative Pulmonary Solutions and later Holaira, develops the Lung Denervation System, a catheter-based medical device for targeted lung denervation to treat chronic obstructive pulmonary disease (COPD) and asthma by addressing airway hyper-responsiveness. The company attracted a $10 million Series C financing round in February 2013 from investors including Advanced Technology Ventures, Morgenthaler Ventures, Split Rock Partners, and Versant Ventures. This followed a $10.6 million Series B round in September 2012. The 2013 funding supported the company's product development process after success in animal studies and two human feasibility trials. Subsequent rounds included a $42 million Series D in 2014 led by Vertex Venture Holdings with participation from the same investors plus Windham Venture Partners, and a $79 million round in 2019 led by U.S. Venture Partners with contributions from Endeavor Vision, Qiming Venture Partners, Lightstone Ventures, Richard King Mellon Foundation, and existing backers to fund the AIRFLOW-3 pivotal trial for FDA approval and European development. |
Who has invested in Nuvaira?
12 investors have backed Nuvaira across its funding rounds, including Versant Ventures, Morgenthaler Ventures, Split Rock Partners, Advanced Technology Ventures, Windham Venture Partners and Vertex Ventures HC.
Lead investors include U.S. Venture Partners.
Nuvaira Investors
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
| San Francisco, CA | 3 | Participant | Feb 2013 | |
| Minneapolis, MN | 3 | Participant | Feb 2013 | |
| United States | 3 | Participant | Feb 2013 | |
| San Francisco, CA | 3 | Participant | Feb 2013 | |
| San Francisco, CA | 2 | Participant | Apr 2014 | |
| United States | 2 | Participant | Apr 2014 | |
| San Francisco, CA | 1 | Participant | Feb 2019 | |
 Singapore | 1 | Participant | Apr 2014 | |
 Shanghai | 1 | Participant | Feb 2019 | |
| San Francisco, CA | 1 | Lead | Feb 2019 | |
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Start Free TrialNuvaira Competitors
Nuvaira competitors include listed companies like Guerbet, Cumberland and Vivani Medical, and private ones like Pluro Fertility and IVF, Intiva Health and Octagos Health.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
 Mumbai | Private | - | - | $107M | - | |
 France | Publicly listed | $920M | ($34M) | $107M | 0.5x | |
| Austin, TX | Private | - | - | $107M | - | |
| United States | Publicly listed | $45M | $2M | $108M | - | |
| Houston, TX | Private | - | - | $108M | - | |
| United States | Publicly listed | - | ($26M) | $109M | - |
Nuvaira Public Comps
Nuvaira is still privately-owned, but its public comps include Guerbet, Cumberland, Episurf Medical, Emvision, Vivani Medical, Sedana Medical, electroCore, Optiscan Imaging, Laxmi Dental and C-Rad.
| Last FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $920M | ($34M) | 0.5x | 0.5x | (13.1x) | 5.5x | |||
| $45M | $2M | 2.4x | - | 43.4x | - | |||
| $1M | ($5M) | 98.4x | - | (26.7x) | - | |||
| $6M | ($6M) | 15.6x | 17.3x | (17.1x) | (14.8x) | |||
| - | ($26M) | - | - | (4.1x) | - | |||
| $20M | ($4M) | 4.9x | 4.6x | (26.3x) | (198.5x) | |||
| $32M | ($12M) | 3.2x | 2.6x | (8.5x) | (16.5x) | |||
| $319K | ($5M) | 320.5x | - | (20.2x) | - | |||
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Common questions about Nuvaira
| When was Nuvaira founded? | Nuvaira was founded in 2008. |
| Where is Nuvaira headquartered? | Nuvaira is headquartered in Minneapolis, MN, United States. |
| Is Nuvaira publicly listed? | No, Nuvaira is a private, VC-backed company. |
| What is Nuvaira's valuation? | Nuvaira was last valued at $107M in its Series D in April 2014. |
| How much funding has Nuvaira raised? | Nuvaira has raised $221M across 8 funding rounds. |
| What was Nuvaira's last funding round? | Nuvaira's last funding round was a $36M undisclosed-stage round in March 2026. |
| Who are Nuvaira's investors? | Nuvaira's investors include Versant Ventures, Split Rock Partners, Advanced Technology Ventures, Morgenthaler Ventures, Vertex Ventures HC, Windham Venture Partners, Lightstone Ventures, Vertex Ventures, Qiming Venture Partners, U.S. Venture Partners and 2 others. |
| Which companies are comparable to Nuvaira? | Companies comparable to Nuvaira include Pluro Fertility and IVF, Guerbet, Intiva Health, Cumberland, Octagos Health and Vivani Medical. |
See companies similar to Nuvaira
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