Relevance Ventures Leads Multi-Million Series B for Aqua Medical to Advance Novel Type 2 Diabetes Treatment

Investment announced alongside Relevance Ventures' sponsorship and participation
at NAFOA's 2026 Fall Finance & Tribal Economies Conference

NASHVILLE, Tenn. and SANTA FE, N.M., Sept. 23, 2026 /PRNewswire/ -- Relevance Ventures ("Relevance"), one of the nation's only independently owned Native American venture capital firms, today announced that it has led a multimillion Series B financing in Aqua Medical, Inc. ("Aqua"), a clinical-stage medical technology company with a minimally invasive endoscopic approach to treating Type 2 diabetes. The investment was announced as Relevance participates as a sponsor and exhibitor at the 2026 NAFOA Fall Finance & Tribal Economies Conference in Santa Fe, where Tribal leaders, investors and financial professionals are convening around economic growth, capital access and sovereignty.

"Type 2 diabetes represents exactly the kind of challenge Relevance Ventures exists to combat. This is a significant human need with an opportunity for innovation to materially change outcomes and people's lives," said Dean Newton, Chairman and General Partner of Relevance Ventures. "Aqua is pursuing a fundamentally different approach to a disease that affects Native Americans at twice the national average, while claiming hundreds of millions of sufferers globally. We believe that combination of potential impact and scale is where some of the most compelling investment opportunities are created."

Type 2 diabetes affects approximately 589 million people worldwide, and contributes to more than $1 trillion in annual healthcare expenditures globally, including approximately $327 billion in the United States, according to figures cited by Aqua Medical. To address this, Aqua Medical deploys an investigational Proximal Intestinal Mucosal Ablation (PIMA) procedure using a proprietary radiofrequency vapor ablation platform.

"Rather than relying solely on pharmaceutical management or more invasive surgical interventions, Aqua is building a minimally invasive, device-based approach to addressing metabolic disease," explained Bob Haggerty, President and CEO of Aqua Medical. "Proceeds from this financing will support the completion of our ongoing U.S. RESTORE-1 pilot study and preparations for a planned U.S. pivotal trial, subject to regulatory authorization."

The RESTORE-1 study is currently evaluating PIMA at participating U.S. clinical sites under an FDA-approved Investigational Device Exemption. The product is FDA-cleared for the coagulation and ablation of bleeding and non-bleeding sites in the gastrointestinal tract. Its use for type 2 diabetes is currently under clinical investigation.

"Our investment philosophy is aimed at solving meaningful problems while creating enduring businesses," said Cameron Newton, Managing Partner of Relevance Ventures. "That means backing companies across personal health, digital health, community health and financial health that address systemic challenges while pursuing market-rate financial outcomes. Aqua fits squarely within that framework."

It's fitting that Relevance announced this investment while co-sponsoring and attending NAFOA, highlighting how Native -owned capital can support the development of treatments for Native health challenges. "NAFOA is an important gathering because it brings together leaders thinking seriously about capital, sovereignty and long-term economic strength," added Kelly Holmes, Venture Partner & Tribal Ambassador of Relevance Ventures. "For us, announcing an investment like Aqua in that environment reinforces that Native participation in the capital markets brings real benefits to Indian Country, while not being limited to one sector or one geography."

Additionally, as part of the financing deal, Dean Newton has joined Aqua Medical's Board of Directors. This furthers the confidence and alignment between Relevance Ventures and Aqua Medical, committing to be not just a capital provider, but a true partner for companies creating lasting health outcomes.

About Relevance Ventures

Relevance Ventures is a Native American, privately owned and operated venture capital firm with more than $100 million under management. The firm invests in high-growth companies across personal health, community health, digital health, and financial health. Founded by Cameron and Dean Newton, Relevance is headquartered in Nashville, Tennessee, with an expanding presence in multiple U.S. growth markets. The Newtons are members of the Patawomeck Tribe of Virginia. For more information, visit www.Relevanceventures.com.

About Aqua Medical

Aqua Medical is a clinical-stage medical technology company advancing a minimally invasive, through-the-working-channel-of-the-scope technology to address Type 2 diabetes. Using its proprietary radiofrequency vapor ablation (RFVA) system for the Proximal Intestinal Mucosal Ablation (PIMA) procedure, the company aims to deliver a scalable, device-based approach intended to address mechanisms associated with Type 2 diabetes and potentially improve metabolic outcomes.

The RFVA system is FDA-cleared for marketing for its indicated use in the gastrointestinal tract. Use of the RFVA system for the PIMA procedure is investigational. The safety and effectiveness of the RFVA system for the PIMA procedure have not yet been established.

Forward-Looking Statements

This press release contains forward-looking statements regarding Aqua Medical's investigational technology, clinical development activities, and future expectations. Actual results may differ materially. Aqua Medical encourages patients to reach out to the company or their physician to explore the opportunity to be treated with this new technology.

SOURCE Relevance Ventures