Relievant Medsystems Acquisition, Valuation, Funding & Investors

Relievant Medsystems was acquired by Boston Scientific for $850M in September 2023.

Relievant Medsystems acquisition price

$850M

Acquired by Boston Scientific · Sep 2023

Cumulative funding Relievant Medsystems raised

$214M

across 4 funding rounds

Key investors in Relievant Medsystems

  • New Enterprise Associates
  • Canaan Partners
  • Lightstone Ventures
  • Morgenthaler Ventures
  • Endeavour Vision
  • Vensana Capital
  • Ally Bridge Group
  • Emergent Medical Partners

Relievant Medsystems Overview

About Relievant Medsystems

Relievant Medsystems is a medical device company that developed the Intracept Procedure, a minimally invasive basivertebral nerve ablation treatment for chronic low back pain caused by vertebrogenic pain. The therapy targets patients whose pain originates in damaged vertebral endplates, an indication not addressed by traditional back pain treatments. The company, headquartered in Minneapolis with research and development operations in Sunnyvale, California, built a commercial team to support the device's U.S. launch before being acquired by Boston Scientific in 2023.


Founded

2006

HQ

United StatesUnited States

Status

Acquired

Customer focus

B2B

Revenue model

Product sales

Valuation

$850M (acquired Sep 2023)

Relievant Medsystems Acquisition

Relievant Medsystems was acquired by Boston Scientific for $850M on 19 September 2023.

Before the acquisition Relievant Medsystems had raised $214M across 4 funding rounds.

Relievant Medsystems acquisition details
AcquirerDateTypePrice
19 Sep 2023Strategic M&A$850M

Relievant Medsystems Funding History

Relievant Medsystems has raised a total of $214M across 4 funding rounds.

Relievant Medsystems' first fundraising round was a $36M Series D in October 2016. The most recent completed round was a $50M Series G in March 2023.

Relievant Medsystems funding rounds

Relievant Medsystems funding rounds
DateStageInvestorsRaisedDeal Summary
Mar 2023Series GAlly Bridge Group (lead); Lightstone Ventures; Canaan Partners; New Enterprise Associates; Vensana Capital; Endeavour Vision; Morgenthaler Ventures$50MRelievant Medsystems develops the Intracept Intraosseous Nerve Ablation System to treat vertebrogenic pain, a form of chronic low back pain, expanding neuromodulation options. The company raised $50 million in a Series G - II round on April 19, 2023, led by Ally Bridge Group with participation from Canaan Partners, Endeavour Vision, Lightstone Ventures, Morgenthaler Ventures, New Enterprise Associates, and Vensana Capital. This followed a $70 million Series G round in October 2020, contributing to total funding of $273.6 million over 11 rounds. Relievant reported $70 million in revenue for FY 2023, aligned with the timing of the Series G - II round. Boston Scientific's acquisition announcement in September 2023 noted Relievant expected to generate sales in excess of $70 million in 2023 and over 50% year-over-year growth in 2024. The acquisition included an upfront $850 million cash payment plus contingent payments based on sales performance. Boston Scientific aimed to integrate Relievant's technology into its interventional chronic pain portfolio. The transaction was expected to close in the first half of 2024, with minimal impact on adjusted EPS in 2024 and increasing accretion thereafter.
Oct 2020Series FVensana Capital (lead); Lightstone Ventures; Canaan Partners; New Enterprise Associates; Endeavour Vision; Morgenthaler Ventures$70MRelievant Medsystems is a privately-held medical device company developing the Intracept Procedure, a basivertebral nerve ablation treatment for chronic low back pain (CLBP) indicated for patients with vertebrogenic pain. The company completed a $70 million equity financing on October 29, 2020, designated as Series G, led by new investor Vensana Capital alongside Lightstone Ventures, with participation from existing investors Endeavour Vision, New Enterprise Associates, Morgenthaler Ventures, and Canaan Partners. The oversubscribed round aimed to accelerate U.S. commercialization of the Intracept Procedure amid a record year for the company. Justin Klein, MD, JD, Co-Founder and Managing Partner at Vensana Capital, joined Relievant's board as part of the financing. The Intracept Procedure targets millions of U.S. patients suffering from chronic axial low back pain and is positioned as an innovative medtech solution addressing the opioid epidemic by offering a non-opioid alternative. Vensana Capital, launched in 2019, focuses on late development and commercial-stage medtech companies including medical devices and diagnostics, with a track record in exits like Cameron Health and Ulthera. Relievant CEO Art Taylor highlighted the financing as a strong endorsement of the team's mission to transform CLBP treatment paradigms. Relievant continued raising capital post-2020, including a $50 million Series G-II round in April 2023. The company was later acquired on September 19, 2023, with sources noting a sale to Boston Scientific for $850 million in cash plus contingencies.
Jun 2018Series EEndeavour Vision (lead); Lightstone Ventures; Canaan Partners; New Enterprise Associates; RK Mellon$58MRelievant Medsystems is a privately-held medical device company developing minimally-invasive solutions, specifically the Intracept Procedure, for chronic low back pain (CLBP) patients for whom existing treatments have been ineffective. The company announced the completion of a $58 million Series E equity financing on June 26, 2018, led by Endeavour Vision with participation from new investor RK Mellon and existing investors New Enterprise Associates, Canaan Partners (noted as Canaan Ventures in some releases), Lightstone Ventures, and Emergent Ventures. The funds were designated to support the US commercial launch of the Intracept Procedure and the opening of a new corporate headquarters in Minneapolis, MN, while maintaining R&D and operations in Sunnyvale, CA. Kevin Hykes, President and CEO, highlighted the investor confidence enabling the launch to reach over five million indicated CLBP patients. Alexander Schmitz from Endeavour Vision joined the board, emphasizing the procedure's potential to reduce pain, disability, healthcare resource use, and impact the opioid epidemic by intervening early in the CLBP treatment continuum. This round aligned with Endeavour Vision's medtech growth strategy, as the firm had recently launched related funds like the €250-million Endeavour Medtech Growth Fund. The company continued growth, evidenced by subsequent rounds like Series G in 2020.
Oct 2016Series DNew Enterprise Associates (lead); Canaan Partners; Morgenthaler Ventures; Emergent Medical Partners$36MRelievant Medsystems is a medical device company focused on innovative solutions for chronic low back pain, particularly through its Intracept Procedure targeting the basivertebral nerve. The company raised $36 million in a Series E (or D extension) round on October 12, 2016, led by New Enterprise Associates, with participation from Canaan Partners, Emergent Medical Partners, and Morgenthaler Ventures. This followed prior rounds including $30 million Series D in March 2012 from similar investors. Later rounds included $58 million Series E in June 2018 led by Endeavour Vision and $70 million Series G in October 2020 led by Vensana Capital. Total funding reached approximately $271-273 million across multiple rounds by 2023. The company was acquired in September 2023, with a Series G-II $50 million round in April 2023 reporting $70 million FY 2023 revenue. Relievant Medsystems operated in the medical equipment industry, growing to 251 employees by recent estimates, with focus on biotechnology, healthcare, and pharmaceuticals sectors.

Who has invested in Relievant Medsystems?

9 investors have backed Relievant Medsystems across its funding rounds, including New Enterprise Associates, Canaan Partners, Lightstone Ventures, Morgenthaler Ventures, Endeavour Vision and Vensana Capital.

Lead investors include Ally Bridge Group, Vensana Capital, Endeavour Vision and New Enterprise Associates.


Relievant Medsystems Investors

Investors in Relievant Medsystems by funding rounds participated
InvestorHQRoundsRoleFirst check
Canaan PartnersUnited StatesUnited States4ParticipantOct 2016
New Enterprise AssociatesUnited StatesSan Francisco, CA4LeadOct 2016
Lightstone VenturesUnited StatesSan Francisco, CA3ParticipantJun 2018
Endeavour VisionSwitzerlandGeneva3LeadJun 2018
Morgenthaler VenturesUnited StatesSan Francisco, CA3ParticipantOct 2016
Vensana CapitalUnited StatesMinneapolis, MN2LeadOct 2020
RK Mellon--1ParticipantJun 2018

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Relievant Medsystems Competitors

Relievant Medsystems competitors include listed companies like Shanghai Haohai and LifeTech Scientific, and private ones like Ankon Medical Technologies, Synchron, ZD Medtech and Carestream.

Public and private companies comparable to Relievant Medsystems
CompanyHQStatusRevenueEBITDAValuationRevenue Multiple
Ankon Medical TechnologiesChinaWuhanPrivate--$870M-
Shanghai HaohaiChinaChinaPublicly listed$365M$59M$889M1.8x
SynchronUnited StatesNew York City, NYPrivate--$900M-
ZD MedtechChinaShanghaiPrivate--$900M-
CarestreamChinaShanghaiPrivate--$800M-
LifeTech ScientificChinaChinaPublicly listed$204M$37M$771M-

Relievant Medsystems Public Comps

Relievant Medsystems is no longer listed, but its public comps include Bioventus, InMode, Kuros Biosciences, Advanced Medical Solutions Group, Anteris Technologies US, MedicalSystem Technology, Shanghai Haohai, SI-BONE, MedCap and Xvivo Perfusion.

Last FYEV/RevenueEV/EBITDA
RevenueEBITDALast FYLTM2027ELast FYLTM2027E
Bioventus$568M$99M2.0x1.9x11.4x9.4x
InMode$370M$86M0.9x0.9x4.0x4.4x
Kuros Biosciences$146M$9M5.7x4.4x96.7x35.1x
Advanced Medical Solutions Group$307M$59M3.0x2.9x15.7x12.9x
Anteris Technologies US$2M($93M)296.6x100.5x(6.1x)(5.0x)
MedicalSystem Technology$45M$12M18.9x15.6x70.7x62.9x
Shanghai Haohai$365M$59M1.7x1.8x10.6x10.1x
SI-BONE$201M($17M)3.5x3.2x(42.5x)60.3x

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Common questions about Relievant Medsystems

When was Relievant Medsystems founded?Relievant Medsystems was founded in 2006.
Where is Relievant Medsystems headquartered?Relievant Medsystems is headquartered in United States.
Is Relievant Medsystems publicly listed?No, Relievant Medsystems was acquired by Boston Scientific in September 2023.
Who acquired Relievant Medsystems?Relievant Medsystems was acquired by Boston Scientific in September 2023.
How much was Relievant Medsystems acquired for?Relievant Medsystems was acquired for $850M in September 2023.
How much funding has Relievant Medsystems raised?Relievant Medsystems has raised $214M across 4 funding rounds.
What was Relievant Medsystems' last funding round?Relievant Medsystems' last funding round was a $50M Series G in March 2023, led by Ally Bridge Group.
Who are Relievant Medsystems' investors?Relievant Medsystems' investors include Canaan Partners, New Enterprise Associates, Lightstone Ventures, Endeavour Vision, Morgenthaler Ventures, Vensana Capital, RK Mellon, Ally Bridge Group and Emergent Medical Partners.
Which companies are comparable to Relievant Medsystems?Companies comparable to Relievant Medsystems include Ankon Medical Technologies, Shanghai Haohai, Synchron, ZD Medtech, Carestream and LifeTech Scientific.

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