iRiva Medical Announces Close of Initial Financing Round

MINNEAPOLIS, Nov. 11, 2025 /PRNewswire/ -- iRiva Medical, Inc., a privately held, development stage medical device company based in Minneapolis, and NuXcel spinoff, announced the closing of its initial financing led by F-Prime, with participation from Hatteras Venture Partners, Norwest, and Treo Ventures The proceeds of this financing will provide resources to enable the company to pursue the development and commercialization of innovative neuromodulation technology platforms to treat large patient populations suffering from chronic diseases.

Concurrent with financing, the company announced the hiring of Steve Masson as President and Chief Executive Officer. Mr. Masson is an experienced senior executive with more than 40 years in the medical device business, including 35 years in active implantable devices. Previously, Steve held senior executive and management roles for more than 30 years. He has served in general management, research and development, and operational positions in both venture capital-backed startups and large, revenue-driven companies, including Cordis, Ventritex, InnerPulse, NeuroTronik and Avivomed.

"We look forward to partnering with our seasoned investor group and benefitting from their depth of experience in medtech and neuromodulation. I am excited and appreciative to join the iRiva team as we work together to deliver a new and innovative therapy to patients and clinicians," Mr. Masson commented.

iRiva is the fourth company to be launched out of NuXcel, a medical device accelerator managed by Mudit Jain and Lynn Elliott, with backing by Treo Ventures. "We are excited to have Steve Masson joining another NuXcel spinoff, honored to have the support of world-class investors and looking forward to partnering with this experienced syndicate to deliver on iRiva Medical's mission," said NuXcel founder and CTO, Lynn Elliott.

"We are thrilled to partner once again with Steve Masson, the NuXcel team, and this investor syndicate and look forward to realizing iRiva's mission of delivering state-of-the-art neuromodulation therapy to patients with significant unmet clinical need," said Kevin Chu, Principal at F-Prime.

Contact: www.irivamedical.com 

SOURCE iRiva Medical, Inc.