SetPoint Medical announced on Thursday that it has received $27 million from previous investors and five institutional investors, including a new venture capital fund at U.K. pharmaceutical company GlaxoSmithKline.

The Valencia firm is developing a novel treatment for rheumatoid arthritis and other autoimmune inflammatory diseases. The system consists of a tiny implanted device that stimulates nerves with electricity and produces an anti-inflammatory effect.

Investors in the round included Covidien Ventures of Mansfield, Mass., and Boston Scientific of Natick, Mass. Also, SetPoint was the first investment by GlaxoSmithKline's strategic venture capital fund for bio-electronic technologies called Action Potential Venture Capital Ltd.

“This strategic investment from three global leaders in health care technologies, including Boston Scientific, GlaxoSmithKline and Covidien, marks an important inflection point for SetPoint, supporting a novel approach that holds promise as a better way to treat inflammatory diseases,” said Chief Executive Anthony Arnold in a statement.

Since 2009, SetPoint has raised nearly $14 million from investors, including Morgenthaler Ventures, Foundation Medical Partners and Topspin Partners.