Allurion Technologies Raises $34 million
Allurion Technologies , “a pioneering leader in the development of innovative, scalable and trusted weight loss experiences,” has raised $34 million in new funding through a securities financing and a growth capital term loan. The round was led by Novalis LifeSciences and Romulus Capital with participation from IDO Investments and ex-Covidien CEO Jose Almeida. The financing also includes a growth capital term loan from Bridge Bank. The company intends to use these proceeds to continue growing internationally and, subject to obtaining approval of the U.S. Food and Drug Administration (FDA), launching their revolutionary weight loss program in the United States.
Founded in 2009, Allurion’s flagship product is the Elipse Balloon – a procedureless weight loss device that is designed to be swallowed and removed without surgery, endoscopy, or anesthesia. The Elipse Balloon received its European Union CE mark in 2015 and is currently available in Europe, the Middle East, and South America. It is not approved by the FDA and is not currently available commercially in the US.
The Elipse Balloon is made of a thin, flexible polymer film. The device is swallowed in a capsule and filled with liquid through a thin delivery catheter, which is then detached. The balloon is designed to remain in the stomach for approximately four months, after which it opens, allowing it to empty and pass naturally from the body without the need for a removal procedure.
The Elipse Program also features Allurion’s Bluetooth smart scale and smartphone application that, in concert with a supervised nutrition program, create a 360-degree weight loss experience.
“Allurion’s cutting-edge approach to one of the world’s largest unmet medical needs has the company poised for long-term success. I believe that the company’s rapid growth is further evidence that its weight loss program has an attractive value proposition for both consumers and physicians.” – Marijn Dekkers, founder and Chairman of Novalis LifeSciences and former CEO of Bayer and Thermo Fisher Scientific.
“We have experienced exponential growth over the past 3 years and with 2 billion people around the world who are overweight, we expect our rapid ascent to continue. We believe that our focus on a 360-degree consumer experience that delivers life-changing results has differentiated us from the competition and driven unprecedented demand. As a result, Allurion is now the leader in a new category with massive potential.” – Shantanu Gaur, co-founder and CEO of Allurion.
