# electroCore

Startup profile on Capital Atlas: https://capitalatlas.ai/startups/electrocore

- Industry: Medical Devices & Equipment
- Headquarters: US
- Website: www.electrocore.com
- Total disclosed funding: $34M
- Latest round: Series B (Nov 29, 2017)
- Investors on record: 5

## About

electroCore, Inc. specializes in bioelectronic medicine, focusing on non-invasive therapies for chronic disorders. Their innovative products aim to enhance patient well-being through advanced vagus nerve stimulation technology.Founded in 2005 in the US, electroCore, Inc. develops non-invasive therapies for chronic conditions. The company has undergone strategic pivots in its operations and has raised total funding of USD 18 mn, with the most recent round being a Private Placement/Follow on in June 2021. The founders include Charles Theofilos and JP Errico, while Dan Goldberger serves as the CEO. The company has its headquarters in the US and has successfully executed 9 different deals in its history.electroCore specializes in bioelectronic medicine, primarily through its flagship product, gammaCore™, a non-invasive vagus nerve stimulator (nVNS). This device is designed to stimulate the vagus nerve, which has been clinically validated to aid individuals suffering from various disorders, particularly chronic migraines and cluster headaches. The technology behind gammaCore is grounded in vagus nerve stimulation, which provides therapeutic benefits by modulating neural pathways associated with pain and inflammatory responses. Additionally, electroCore has introduced Truvaga™, an innovative health solution that integrates with the Apple Health app to enhance user engagement and monitoring. The company's products are marketed to healthcare providers and directly to consumers in several geographical markets including the United States, Europe, and select regions in Asia, ensuring broad accessibility for patients in need of these therapeutic options.The revenue structure of electroCore is primarily derived from direct sales of its products, including gammaCore™ and Truvaga™, to both healthcare providers and end consumers. For the most recent year, 2024, electroCore reported revenues of USD 25.18 mn and an EBITDA of USD -11.40 mn. The company engages in a B2B model by partnering with healthcare institutions and providers who utilize their devices for patient treatment, as well as a direct-to-consumer model facilitated through online sales and retail partnerships. This dual approach allows electroCore to maintain a robust customer base, consisting of physicians, clinics, and patients seeking effective solutions for pain management and wellness.Following their most recent funding round in June 2021, where electroCore raised USD 18 mn, the company plans to utilize these funds for the commercial launch and expansion of their non-invasive vagus nerve stimulation (nVNS) therapy. They aim to design and launch new products, as well as expand into additional markets, specifically targeting growth in the European and Asian regions. The funding will also support continued clinical and scientific development, positioning electroCore for significant market presence in the bioelectronic therapy landscape.

## Funding rounds

- Series B, Nov 29, 2017, $34M — Merck Global Health Innovation Fund, Core Ventures Group, Knoll Capital Management, American Investment Holdings, The Vinik Family Foundation

## Investors

- Merck Global Health Innovation Fund (https://capitalatlas.ai/funds/merck-global-health-innovation-fund) — Series B
- Core Ventures Group (https://capitalatlas.ai/funds/core-ventures-group) — Series B
- Knoll Capital Management — Series B
- American Investment Holdings (https://capitalatlas.ai/funds/american-investment-holdings) — Series B
- The Vinik Family Foundation — Series B