Trinity Capital Inc. Provides Up to $50 Million in Growth Funding to Nalu Medical, Supporting Continued Commercial Momentum

Rhea-AI Summary

Trinity Capital (NASDAQ:TRIN) has committed up to $50 million in growth funding to Nalu Medical, a commercial-stage medical device company. Nalu specializes in neurostimulation solutions for chronic neuropathic pain through its proprietary implantable pulse generator (IPG) device.

The Nalu Neurostimulation System features a minimally invasive, battery-free micro-IPG device that can be smartphone-controlled. The company recently received FDA clearance for expanded labelling of its Peripheral Nerve Stimulation therapy for whole-body MRI-conditional use, and has published significant long-term real-world data demonstrating reliable pain relief outcomes.

Positive

• Strategic investment of up to $50 million provides significant growth capital
• Recent FDA clearance expansion enhances product capabilities and market potential
• Publication of largest long-term real-world data set demonstrates product efficacy
• Technology offers competitive advantages: battery-free, smartphone control, and MRI compatibility

Negative

• None.

Insights

Financial Analyst

Trinity Capital's $50M funding to Nalu Medical expands its life sciences portfolio with a promising neurostimulation innovator.

Trinity Capital's $50 million growth funding commitment to Nalu Medical represents a strategic expansion of the firm's life sciences portfolio. The investment targets a commercial-stage company with FDA-cleared technology and recent regulatory wins, positioning Trinity to potentially capture returns from Nalu's commercial momentum in the lucrative pain management market.

The structure as a commitment of up to $50 million suggests a milestone-based funding approach, allowing Trinity to manage risk while supporting Nalu's commercialization of its next-generation Therapy Disc. This investment aligns with Trinity's alternative asset management strategy, deploying capital into growth-stage medical technology with established regulatory clearance and commercial traction.

Particularly noteworthy is Nalu's recent expanded FDA labeling for MRI-conditional use, which significantly enhances the product's clinical utility and market potential. The company's smartphone-controlled, battery-free micro-IPG device addresses the chronic neuropathic pain market - a substantial opportunity given the prevalence of chronic pain conditions and the ongoing search for opioid alternatives.

For Trinity investors, this transaction demonstrates the firm's continued execution of its life sciences investment thesis, diversifying revenue streams beyond traditional venture lending. The deal's timing following Nalu's regulatory milestone and alongside their commercial expansion suggests Trinity conducted thorough due diligence on Nalu's technology differentiation, clinical data, and market opportunity before committing capital.

PHOENIX, Sept. 16, 2025 /PRNewswire/ -- Trinity Capital Inc. (Nasdaq: TRIN) (the "Company"), a leading alternative asset manager, today announced the commitment of up to $50 million in growth funding to Nalu Medical, Inc. ("Nalu"), a commercial-stage medical device company focused on developing and commercializing neurostimulation solutions for patients with chronic intractable neuropathic pain.

Nalu is focused on creating solutions for chronic neuropathic pain through its proprietary implantable pulse generator (IPG) device. The company's Neurostimulation System features a small, non-integrated, implanted medical device that uses advanced electrical impulse waveforms to modulate pain signals before they reach the brain. Nalu's micro-IPG device is minimally invasive, battery-free, and can be controlled from the patient's smartphone. Nalu has been FDA-cleared for implantation and recently received FDA clearance for expanded labelling of its Peripheral Nerve Stimulation (PNS) therapy, now approved for whole-body MRI-conditional use.

"We are proud to partner with and support Nalu as they advance the care of patients with chronic neuropathic pain," said Rob Lake, Senior Managing Director of Life Sciences at Trinity Capital. "We believe Nalu is a leader in PNS and is reshaping the pain management landscape through their innovative technology and robust clinical data."

"We welcome Trinity Capital as a financing partner and appreciate their confidence in providing us this important financial flexibility as we continue our commercial expansion of our newly launch, next-generation Therapy Disc, and build upon our recent publication of what we believe is the largest long-term real-world data set for a permanent PNS device that demonstrated reliable long-term pain relief to a broad spectrum of patients," said Tom West, President and CEO of Nalu.

About Trinity Capital Inc.

Trinity Capital Inc. (Nasdaq: TRIN) is an international alternative asset manager that seeks to deliver consistent returns for investors through access to private credit markets. Trinity Capital sources and structures investments in well-capitalized growth-oriented companies. With five distinct business verticals–Sponsor Finance, Equipment Finance, Tech Lending, Asset-Based Lending, and Life Sciences–Trinity Capital stands as a long-term trusted partner for innovative companies seeking tailored debt solutions. Headquartered in Phoenix, Arizona, Trinity Capital's dedicated team is strategically located across the United States and Europe. For more information on Trinity Capital, please visit trinitycapital.com and stay connected to the latest activity via LinkedIn and X (@trincapital).

About Nalu Medical, Inc.

Nalu is a Carlsbad, California-based medical technology company focused on developing and commercializing innovative and minimally invasive solutions for patients with chronic neuropathic pain. The Nalu Neurostimulation System delivers gentle electrical pulses to the nervous system to modulate pain signals before they get to the brain. The Nalu System was designed to address major unmet needs in the treatment of chronic neuropathic pain and provide a differentiated value proposition for patients and physicians.

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SOURCE Trinity Capital Inc.

FAQ

What is the size of Trinity Capital's (TRIN) funding commitment to Nalu Medical?

Trinity Capital has committed up to $50 million in growth funding to Nalu Medical.

What recent FDA clearance did Nalu Medical receive for its neurostimulation device?

Nalu Medical received FDA clearance for expanded labelling of its Peripheral Nerve Stimulation (PNS) therapy for whole-body MRI-conditional use.

What are the key features of Nalu Medical's neurostimulation device?

The device is a minimally invasive, battery-free micro-IPG that can be controlled from a smartphone and uses advanced electrical impulse waveforms to modulate pain signals.

How does this funding impact Trinity Capital's (TRIN) investment portfolio?

The funding represents a strategic investment in the medical device sector, expanding Trinity Capital's portfolio in neurostimulation technology and pain management solutions.

What clinical evidence supports Nalu Medical's technology?

Nalu has published what they claim is the largest long-term real-world data set for a permanent PNS device, demonstrating reliable long-term pain relief across a broad spectrum of patients.