Allurion Technologies said today it raised $27 million in a Series C round of funding to support its Elipse gastric balloon designed for weight loss.
Allurion’s Elipse gastric balloon is made of a thin, flexible polymer film and is ingested as a capsule without the need for surgery. The balloon is filled once it reaches a patient’s stomach to reduce hunger, and passes naturally through the GI tract after 4 months.
“The procedureless nature of the Elipse Balloon is a step forward in the field of weight loss devices. In my practice, there is an unmet need for weight loss options that do not require surgery, endoscopy, or anesthesia. With the advent of the Elipse Balloon, I now have a therapy to offer,” Dr. Roberta Ienca of Rome’s Sapienza University said in a prepared release.
The round was led by existing investor Romulus Capital and joined by Copega Investments and IDO Investments, the Natick, Mass.-based company said. Proceeds from the round will be used to expand commercial presence, scale manufacturing and initiate a US clinical trial in pursuit of FDA approval.
“Allurion’s frictionless approach to a massive and pervasive problem represents not just a novel product, but an entirely unique approach to medical innovation – lean, agile, and focused on treating patients as discerning consumers. We’ve partnered with Allurion’s world-class team from the beginning. I am excited about this next stage of growth, now that the company has proven commercial success in its initial markets,” Romulus Capital founder Krishna Gupta said in a prepared statement.
“At Allurion, one of our goals is to disrupt the weight loss industry with products that are more effective than dieting, but also affordable and scalable. Our initial success with the Elipse Balloon validates this approach, and this funding will assist us in serving the millions of people around the world who are struggling to lose weight,” co-founder Dr. Shantanu Gaur said in a press release.