Following two years of strong exits from biopharma and medtech investment, New Enterprise Associates raised over $3.1 billion for its 15th fund raising. The new pool of capital consists of $2.8 billion for a traditional venture fund – the fourth consecutive fund to top $2.5 billion – and a $350 million “Opportunity Fund” that will be co-invested with the new and prior fund in late-stage growth equity deals.

The company says the Senza high-frequency system is the first spinal cord stimulator to be approved to claim superiority over existing spinal cord stimulation therapies. Approval is based on results of the highly touted SENZA-RCT trial.

In the market for neuromodulation devices, the largest opportunity is in the treatment of chronic pain, a condition that affects more than 1.5 billion people worldwide. Innovation is driving growth in this sector as companies develop next-generation neuromodulation technologies designed to improve outcomes, and resolve some of the problems with existing devices; these technologies will significantly expand the treatable population, and will allow companies both large and small to capture market share based on device efficacy and the strength of clinical evidence.