San Diego-based Obalon said Wednesday afternoon that it has raised $16.5M, in a Series C funding. The funding was led by InterWest Partners, and also included Domain Associates and Okapi Venture Capital. Obalon is a developer of gastric balloon technology which is used for weight loss therapy; the firm's medical device is swallowed, and then remotely inflated, which creates a feeling of fullness which helps people to eat less. The firm said it is currently enrolling patient in a U.S. clincal trial, and has already received CE Mark approval in Europe. More information »