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Relevance Ventures has announced that it led a multimillion-dollar Series B financing round for Aqua Medical, Inc., a clinical-stage medical technology company developing a minimally invasive endoscopic treatment for Type 2 diabetes. The announcement comes as Relevance participates as a sponsor and exhibitor at the 2026 NAFOA Fall Finance & Tribal Economies Conference in Santa Fe, which brings together Tribal leaders, investors and financial professionals to discuss economic development, access to capital and sovereignty.

“Type 2 diabetes represents exactly the kind of challenge Relevance Ventures exists to combat. This is a significant human need with an opportunity for innovation to materially change outcomes and people’s lives,” said Dean Newton, Chairman and General Partner of Relevance Ventures. “Aqua is pursuing a fundamentally different approach to a disease that affects Native Americans at twice the national average, while claiming hundreds of millions of sufferers globally. We believe that combination of potential impact and scale is where some of the most compelling investment opportunities are created.”

Aqua Medical cites figures indicating that Type 2 diabetes affects approximately 589 million people globally and is associated with more than $1 trillion in healthcare spending each year worldwide, including around $327 billion in the United States. The company is developing an investigational Proximal Intestinal Mucosal Ablation (PIMA) procedure, which uses a proprietary radiofrequency vapor ablation platform to address the condition.

“Rather than relying solely on pharmaceutical management or more invasive surgical interventions, Aqua is building a minimally invasive, device-based approach to addressing metabolic disease,” explained Bob Haggerty, President and CEO of Aqua Medical. “Proceeds from this financing will support the completion of our ongoing U.S. RESTORE-1 pilot study and preparations for a planned U.S. pivotal trial, subject to regulatory authorization.”

The RESTORE-1 study is evaluating the PIMA procedure at participating clinical sites across the United States under an FDA-approved Investigational Device Exemption. Aqua Medical’s product is FDA-cleared for the coagulation and ablation of bleeding and non-bleeding sites within the gastrointestinal tract, while its application in the treatment of Type 2 diabetes remains under clinical investigation.

“Our investment philosophy is aimed at solving meaningful problems while creating enduring businesses,” said Cameron Newton, Managing Partner of Relevance Ventures. “That means backing companies across personal health, digital health, community health and financial health that address systemic challenges while pursuing market-rate financial outcomes. Aqua fits squarely within that framework.”

The timing of the announcement is particularly relevant as Relevance Ventures co-sponsors and attends NAFOA, underscoring how Native-owned capital can contribute to the development of treatments addressing health challenges affecting Native communities. “NAFOA is an important gathering because it brings together leaders thinking seriously about capital, sovereignty and long-term economic strength,” added Kelly Holmes, Venture Partner & Tribal Ambassador of Relevance Ventures. “For us, announcing an investment like Aqua in that environment reinforces that Native participation in the capital markets brings real benefits to Indian Country, while not being limited to one sector or one geography.”

As part of the financing, Dean Newton has also joined Aqua Medical’s Board of Directors. The appointment further strengthens the relationship between Relevance Ventures and Aqua Medical, reflecting Relevance’s commitment to supporting portfolio companies not only as a source of capital, but as a long-term strategic partner focused on creating lasting health outcomes.

© Relevance Ventures