We are a
Global
Medical Device accelerator
We are focused on developing innovative solutions to serve large unmet clinical needs.
About us
NuXcel is a highly differentiated and successful global medical device accelerator focused on developing innovative solutions for large unmet clinical needs and building leading world-class companies. NuXcel has successfully founded four promising new bioelectronics start-ups over the last five years and raised approximately $175M in financings for these companies, from some of the most reputable venture capital funds.
Mudit K. Jain, PhD., Founder and General Partner of Treo Ventures, and previously with Synergy Life Science Partners and Johnson & Johnson Development Corporation, and Lynn Elliott, a serial entrepreneur and seasoned medical device leader, previously with Spinal Modulation and Guidant/Boston Scientific established NuXcel in partnership with Treo Ventures.
NuXcel is based on a lean innovation model and works with trusted partners across the medical device ecosystem leveraging nearly 60 years of Class III medical device product development, clinical, commercial, scale-up and IPO/M&A experiences and relationships in the medical device ecosystem. We work actively with entrepreneurs and help convert ideas into companies, along with our partners at Treo Ventures.
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.
Global
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 from inception to market and helped create world class companies. They have worked across all stages of company development including ideation, concept and product development, recruiting and building world class teams, clinical trials, regulatory approvals, commercialization, and scale-up .

Mudit K. Jain
Founder and CEO
Mudit is a Founding General Partner of Treo Ventures, and co-founder and CEO of NuXcel.
Mudit has co-founded four neuromodulation companies ShiraTronics, Inc., Avivomed,Inc., iVEAcare, Inc., and iRiva Medical, Inc., where he serves as Chairman of the Board and helped raise more than $175M in their Series A & B financings. Mudit brings diverse experiences as a venture capitalist, serial entrepreneur, and operator in medical device industry. His experiences span across company formation, therapy and product development, commercialization, and business development.
Prior to founding Treo Ventures, Mudit was a General Partner with Synergy Life Science Partners where he delivered top quartile performance. Before Synergy, Mudit led Johnson & Johnson Development Corporation’s medical device investment activities in the Midwest and East Coast.
Prior to his investing career, Mudit held operational roles in the Cardiac Rhythm Management Division of Guidant Corporation. Mudit holds nine issued patents and has published numerous articles in peer reviewed publications.
Mudit has served on the boards of several medical device companies, both public and private, from early concept to commercial growth stage, resulting in successful IPOs and M&As. Mudit currently serves on the boards of Avivomed, CVRx, (NSDQ: CVRX), Neochord, Neuspera Medical, NuXcel, ShiraTronics, iRiva Medical, and SecondWave Systems, 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).
Mudit also serves on the External Advisory Board for Cleveland Clinic Innovations, External Advisory Board of John Hopkins University Center for Bioengineering Innovation and Design, and on the Board of One Heart Health, a healthcare focused non-profit focused on providing access to pediatric populations in underprivileged geographies. He served on Duke University Graduate School Board of Visitors from 2016-2023.
Mudit graduated with a B.E. in Electrical Engineering from VNIT, 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 Business School, University of Pennsylvania

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
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
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Representative companies we have been involved with
What we look for
NuXcel focuses on bioelectronics and neuromodulation space, leveraging our unparalleled experiences and relationships in the space . Our selection criteria for company formation is based on following filters:
Large unmet clinical need with motivated patient group seeking therapy
Differentiated technology/ approach to meet the unmet clinical need
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
PORTFOLIO
ShiraTronics is the first
- Successful oversubscribed $66M series B raised.
- US FDA clinical trial in progress.
- Global recognition
The Tech Tribune – #2 in Top Ten Startups in Minnesota
Avivomed is the second spin off company from NuXcel and is currently in clinical stage. The company is based in Minneapolis and Ireland.
- Successful $32M series A
- Feasibility trial in progress
iVEAcare is the third start-up company being incubated at NuXcel and is currently under stealth mode. The company is based in Minneapolis.
- Successful oversubscribed series A
www.iveacare.com
iRiva Medical is the fourth NuXcel spin-off currently in stealth mode. The company is based in Minneapolis and is backed by a leading VC syndicate.
- Successful first financing
PRESS
Avivomed Raises $32 Million in Series A Financing
iVEAcare Launches with $27.5 Million in Series A Funding
ShiraTronics, Inc. Completes $3 Million Additional Series A Financing
ShiraTronics, Inc. Completes $33M Million Series A Financing
ShiraTronics Raises $66 Million in Oversubscribed Series B Financing
The Tech Tribune – #2 in Top Ten Startups in Minnesota
BioSpectrum – MedTech Disruption 2025
Our Partners