We are a

Medical Device accelerator

We are focused on developing innovative solutions to serve large unmet clinical needs.

About us

NuXcel is a global medical device accelerator focused on developing innovative solutions to serve large unmet clinical needs.  Mudit K. Jain, PhD., Founder and General Partner of Treo Ventures, and previously with Synergy Life Science Partners, and Lynn Elliott, a serial entrepreneur and seasoned medical device leader, previously with Spinal Modulation and Guidant/Boston Scientific established NuXcel in 2018. The founders of NuXcel have played an important role in several high profile medical device companies over the last three decades. NuXcel has successfully spun off two promising new start-ups in neuromodulation since our founding and raised $68M in Series A financings for these two companies from some of the most reputable venture capital funds.

Smart Devices

Our core strength lies in electrically active, smart devices that can sense and treat multiple acute and chronic conditions.

Lean Innovation Model

NuXcel is based on a lean innovation model and works with trusted partners across the medical device ecosystem leveraging nearly 50 years of cumulative relationships in that ecosystem.


With locations in Ireland, Minneapolis, and Silicon Valley, we are truly global in our reach and approach.

Meet the Team

NuXcel is led by medical device veterans who have brought multiple novel medical technologies to the market and helped create world class companies.

Mudit K. Jain

Mudit K. Jain

Founder and CEO

Mudit is a Founding General Partner of Treo Ventures, and the co-founder and CEO of NuXcel. Mudit has over two decades of medical device industry experience as an entrepreneur and venture capitalist and served on several public and private company boards. His entrepreneurial experiences span company formation, R&D, business development, and venture capital, and he brings a global perspective on healthcare based on his experiences in USA, Ireland, and India. In addition to his private venture capital experiences at Treo, and Synergy Life Science Partners, Mudit also brings a strategic investment perspective based on his tenure at Johnson and Johnson Development Corporation.

Mudit has served on the boards of several private and public medical device companies, from early to commercial growth stage, resulting in successful IPOs and M&A transactions. Mudit currently serves on the boards of CVRx, (NSDQ: CVRX), Avivomed, Inc., Neuspera, Inc., ShiraTronics, Inc., Neochord, Inc., NuXcel, and Noctrix, Inc. Some of his prior investments/board responsibilities include Inspire Medical Systems (NYSE: INSP), Irhythm Technologies (NSDQ:IRTC), Aptus Endosystems (Acqd. by Medtronic), CardioMEMS (Acqd. by St. Jude Medical), and Impres Medical (Acqd. by J&J). 

In addition, Mudit also serves on the Board of Visitors of the Graduate School at Duke University, External Advisory Board of John Hopkins University Center for Bioengineering Innovation and Design, and on the Board of One Heart Health, a healthcare non-profit, focused on providing healthcare access to pediatric populations in underprivileged geographies. 

Prior to his investing career, Mudit held operational roles in the Cardiac Rhythm Management Division of Guidant Corporation, and played a key role in developing novel device technologies for heart failure, remote cardiac monitoring, and cardiac ablation. Mudit holds eight issued patents and has authored several peer reviewed publications.

Mudit graduated with a B.E. in Electrical Engineering from REC, Nagpur, India, where he was a gold medal recipient for academic achievements. He received his Ph.D. in Biomedical Engineering from Duke University, and his M.B.A. from the Wharton School, University of Pennsylvania.

Lynn Elliott

Lynn Elliott

Founder and CTO

Lynn brings three decades of active implantable device experience in medical device innovation, R&D, manufacturing, clinical trials, and regulatory approvals to healthcare challenges. Lynn has a unique blend of experience in large medical device companies such as Guidant and Boston Scientific and small venture capital funded startups like Spinal Modulation, SacraMed, and ShiraTronics.

At Guidant, Lynn held leadership positions in Product Development and Research & Advanced Technologies and was a key driver of delivering pacemakers, implantable defibrillators and cardiac resynchronization device to the global market with revenues in excess $1B.

At Spinal Modulation, Lynn held the position of Chief Technology Officer and was a key driver of defining and delivering an innovative neurostimulation device for the management of chronic pain. Spinal Modulation was acquired by St Jude (Abbott) in a deal valued in excess of $500M.

Lynn holds over 20 US patents and has published numerous articles in peer reviewed publications.  Lynn graduated with a BS in Electrical Engineering from South Dakota School of Mines and Technology, an MS in Software Engineering from St Thomas University and advanced studies in Software Engineering at the University of Minnesota.

Todd Kerkow

Todd Kerkow


Todd has dedicated his career of 25+ years to develop and commercially deliver medical technology that is meaningful for patients, physicians, and investors.  Todd has worked in large companies such as Guidant and Boston Scientific and small companies such as Cameron Health, Microchips Biotech, and Cardionomic.  Todd’s persistent focus on solving problems has contributed significantly to advancements in medical technology.

Most recently at Cardionomic, Todd was Chief Technology Officer responsible for Research, Development, and Operations.  He led the development, manufacturing, and clinical validation of the Cardiac Pulmonary Nerve Stimulation (CPNSTM) system, culminating in a successful Phase 1 Pilot Study.  Prior to Cardionomic, Todd was Vice President of Development and Commercialization at Microchips Biotech, which created a successful prototype implantable drug delivery device.

While at Cameron Health, Todd was Vice President of Product Development where he led the creation of the world’s first commercially available subcutaneous implantable defibrillator (S-ICD).  Boston Scientific purchased Cameron Health in a deal valued in excess of $500M, after which Todd successfully led the integration activities that blended Cameron Health into Boston Scientific.  At Boston Scientific, Todd was the company-wide Core Team Leader for the next generation subcutaneous implantable defibrillators (EMBLEMTM S-ICD, EMBLEMTM MRI S-ICD) and the company’s first leadless pacemaker (EMPOWERTM Modular Pacing System).

Prior to Cameron Health, Todd worked at Guidant in heart failure leads where he led the development of the ACUITYTM Spiral heart failure pacing lead.  Also at Guidant, he held leadership positions in manufacturing process development and engineering positions in manufacturing and on the Mini II, Mini III, and Mini IV implantable defibrillator development teams.

Todd is the holder of multiple patents. Todd has a BS and MS in Mechanical Engineering from the University of Minnesota.

Representative companies we have been involved with

What we look for

Our selection criteria for projects is based on following filters:

Large unmet clinical need with motivated patient group seeking therapy

Strong proof of concept of underlying therapy

Existing or emerging reimbursement

Capital efficient development plan with lean innovation drivers as a value builder for all stakeholders

Strong and domain experienced team


ShiraTronics is the first spin off company from NuXcel. ShiraTronics is focused on treating chronic medical conditions utilizing novel neuromodulation technologies. ShiraTronics is based in Minneapolis and Ireland.


Avivomed is the second spin off company from NuXcel and is currently under stealth mode. The company is based in Minneapolis and Ireland.


iVEAcare is the third start-up company being incubated at NuXcel and is currently under stealth mode. The company is based in Minneapolis.


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