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§ Private Profile · San Carlos, CA, USA
Medical technology company developing non-surgical, endoscopically-delivered devices for obesity treatment, featuring the TransPyloric Shuttle (TPS).
BAROnova is a Goleta, California-based medical technology company that develops non-surgical, endoscopically delivered devices for the clinical treatment of adult obesity. The organization's primary commercial product, the TransPyloric Shuttle, is designed to slow gastric emptying and promote patient satiety during a fifteen-minute outpatient procedure, with the implant residing in the stomach for up to twelve months. Operating with an estimated four to twenty employees, the enterprise generates approximately $16 million in annual revenue and successfully secured FDA premarket approval for its flagship weight loss device in April 2019. The venture-backed firm has raised up to $90.5 million in total capital funding from a syndicate of prominent corporate and institutional investors that includes Allergan, Boston Scientific, Highland Capital Partners, and Lumira Ventures. BAROnova was founded in 2006 by medical device inventors Dr. Daniel Burnett and Scott Nelson.
BAROnova has raised $91.7M across 6 funding rounds.
BAROnova has raised $91.7M in total across 6 funding rounds.
BAROnova has raised $91.7M across 6 funding rounds. Most recently, it raised $7.5M Debt in September 2016.
| Date | Round | Lead Investors | Other Investors | Status |
|---|---|---|---|---|
| Sep 14, 2016 | $7.5M Debt Financing | Square 1 Bank | — | Announced |
| Nov 1, 2015 | $37M Series D | Henry Chen, Gregory Grunberg, M.d. | Santé Ventures, Lumira Ventures, ONSET Ventures | Announced |
| Feb 1, 2013 | $27M Series C | Santé Ventures, Boston Scientific | Arboretum Ventures, Goodwater Capital, Highland Capital Partners, Lumira Ventures, ONSET Ventures | Announced |
| Jan 31, 2011 | $5.2M Venture Round | — | — | Announced |
| Oct 1, 2008 | $8M Series B | Allergan | Arboretum Ventures, Goodwater Capital, Highland Capital Partners, ONSET Ventures | Announced |
| Dec 1, 2005 | $7M Series A | — | Arboretum Ventures, Goodwater Capital | Announced |
BAROnova is a clinical-stage medical technology company developing endoscopically delivered and retrieved devices for the chronic treatment of obesity, primarily through slowing gastric emptying to promote weight loss.[1][2] Its lead product, the TransPyloric Shuttle (TPS), is a novel, non-surgical device aimed at patients seeking alternatives to invasive procedures like gastric banding, addressing the global obesity epidemic by offering a reversible, minimally invasive option.[1][5] BAROnova serves obese patients and healthcare providers, solving the problem of sustained weight loss without permanent surgery; it raised $36.5M in 2015 to fund the pivotal ENDObesity II Study for FDA Premarket Approval (PMA), with first enrollment expected by late 2015, and achieved FDA PMA approval for TPS on April 16 (year unspecified in sources).[1][6] Growth momentum includes venture backing from firms like Delos Capital, Longitude Capital, Lumira Capital Partners, ONSET Ventures, Sante Ventures, and formerly Allergan, positioning it for commercialization post-approval.[1][5]
BAROnova was founded in 2006 by Hugh Narciso and his team, emerging from Silicon Valley as a venture-backed startup focused on non-surgical obesity solutions.[3][5] The idea stemmed from identifying gastric emptying as a key mechanism for weight loss, leading to the development of the TPS device, which is endoscopically placed and retrieved.[1][2] Early traction included Series A funding for animal testing, first-in-human trials, and manufacturing scale-up with under 100 devices initially; pivotal moments were FDA approval to start the U.S. pivotal ENDObesity II Study in 2015 and attracting blue-chip investors like Allergan (pre-sale of its obesity franchise).[1][5] By early 2016, after a decade of steady progress, the company positioned itself to compete with incumbents like LAP-BAND and peers such as GI Dynamics.[5]
BAROnova stands out in the obesity device market through these key strengths:
BAROnova rides the obesity medtech wave, capitalizing on rising demand for non-pharmacological, reversible treatments amid global obesity rates exceeding 1 billion adults, where surgical options like LAP-BAND face limitations in adoption and reversibility.[1][5] Timing aligns with FDA's supportive stance—granting pivotal trial approval in 2015 and PMA later—amid market forces like Allergan's exit from obesity devices, creating space for innovators.[1][5][6] It influences the ecosystem by validating endoscopic devices, paving the way for less invasive GI interventions and attracting cross-border investment (e.g., Delos Capital's U.S.-China focus), while competing with startups to expand outpatient weight-loss options.[1][5]
Post-FDA PMA for TPS, BAROnova is poised for U.S. commercialization, likely partnering with providers for endoscopic procedures and expanding globally where obesity trends accelerate.[6] Trends like endoscopic GI tech growth and demand for non-drug therapies will shape its path, potentially evolving influence through acquisitions or scaling to adjacent metabolic conditions. This positions BAROnova as a post-approval leader in non-surgical obesity solutions, building on its decade-long climb from concept to market-ready device.[5][6]
BAROnova has raised $91.7M in total across 6 funding rounds.
BAROnova's investors include Square 1 Bank, Henry Chen, Gregory Grunberg, M.D., Santé Ventures, Lumira Ventures, ONSET Ventures, Boston Scientific, Arboretum Ventures, Goodwater Capital, Highland Capital Partners, Allergan.