Goleta, Calif.-based BaroNova is developing a "transpyloric shuttle," inserted endoscopically into the stomach to slow digestion and create a feeling of satiety, "which should slow or stop patients from overeating," according to a press release.
Other backers in the round included Series B investors Onset Ventures, Highland Capital Partners and Arboretum Ventures.
BaroNova said it plans to use the proceeds to pursue a pivotal study to back its approval bids in the U.S. and Europe.
"This funding will provide BaroNova with the opportunity to finish development on a product that has clinically demonstrated surgical levels of weight loss without exposing patients to the anatomy alterations required of weight-loss surgery," founder, president & CEO Hugh Narciso said in prepared remarks. "Securing this financial investment is further validation of the TPS technology as an innovative minimally invasive approach to weight loss."