Irvine, California-based Axonics Modulation Technologies Inc has closed its Series A preferred stock funding round with $32.6 million, a statement about the funding said.

The funding was led by Paris, France-based Edmond de Rothschild Investment Partners or EdRIP. NeoMed Management, Legend Capital and private investors also participated in the round. As part of the deal, Raphaël Wisniewski of EdRIP, NeoMed's Erik Amble and Legend Capital's Darren Cai have joined the Board of Directors at Axonics, the statement said.

An implantable neuromodulation technology maker, Axonics will use the proceeds from the round to hasten the development of its product. Part of the funds will also be deployed towards multi-center clinical studies that will determine the safety and efficacy of its patented neuromodulation system. In order to support planned clinical studies in Europe and its commercial product roll out, the company has created a subsidiary in Europe for the purpose, the statement said.

Axonics Chief Executive Officer Raymond W. Cohen said in the statement, "We are encouraged that this group of world class investors recognizes the quality work done to date by AMF and the opportunity being created by the proven team of engineers and executives now in place at Axonics. We truly have the potential to take that technology foundation and rapidly commercialize a next-generation implantable neuromodulation platform to treat chronic pain via spinal cord stimulation and peripheral nerve applications."

Axonics, whose founders include the senior management team who formerly worked with Vessix Vascular Inc, has an exclusive license from The Alfred Mann Foundation or AMF to develop its miniaturized implantable neuromodulation technology, a well-known Valencia, California-based nonprofit medical research group. Its products are geared to treat conditions like chronic pain and overactive bladder, the statement said.

Neuromodulation is one of the biggest and rapidly growing areas of the medical device market globally. Worldwide revenue was close to $2 billion last year and is expected to go up to $6 billion by 2020, the statement said.