Pleasanton, Calif. – – September 24, 2026 -- Aqua Medical, Inc. has closed a Series B financing round led by Nashville-based Relevance Ventures, with proceeds earmarked to complete its ongoing U.S. RESTORE-1 pilot study and prepare for a planned U.S. pivotal trial of its investigational diabetes procedure.
Series B capital targets completion of RESTORE-1 pilot and pivotal trial launch
The financing will fund the remaining stages of the RESTORE-1 pilot study, which is evaluating Aqua Medical's Proximal Intestinal Mucosal Ablation (PIMA) procedure for Type 2 diabetes under an FDA-approved Investigational Device Exemption. The company said the round will also support operational preparations, including patient recruitment infrastructure, for a larger planned pivotal trial subject to regulatory authorization.
PIMA procedure has already treated 66 patients outside the United States
Aqua Medical's Radiofrequency Vapor Ablation System is FDA-cleared for ablation in the gastrointestinal tract, including Barrett's esophagus, but its use for the PIMA procedure remains investigational. Outside the U.S., 66 patients have undergone the procedure, with prior studies indicating some patients became insulin-free following treatment. Four additional patients have been treated under the active U.S. IDE study as enrollment continues across trial sites.
Global diabetes burden exceeds $1 trillion annually, with $327 billion in U.S. costs
Type 2 diabetes affects 589 million people worldwide, driving more than $1 trillion in annual healthcare expenditures globally and $327 billion in the United States alone, according to the company. Aqua Medical is positioning Endoscopic Metabolic Restoration, delivered through the working channel of a standard endoscope, as a minimally invasive alternative to daily pharmaceutical management and invasive surgery.
Relevance Ventures chairman Dean Newton joins Aqua Medical's board
Dean Newton, Chairman, General Partner, and General Counsel of Relevance Ventures, has joined Aqua Medical's Board of Directors as part of the transaction. "Type 2 diabetes remains a massive global health challenge," Newton said, adding that the firm is supporting Aqua Medical's evaluation of an investigational endoscopic approach with potential to change treatment paradigms for the disease.
Bob Haggerty, President and CEO of Aqua Medical, said the funding will help advance the company's U.S. clinical program and build evidence for the next stage of Endoscopic Metabolic Restoration. The company said its focus remains on generating clinical data to support upcoming regulatory milestones as it works to establish the platform within interdisciplinary diabetes care.