Cardiology and Vascular MedTech Funding in the last 12 months was USD 1b+: Retrospective Analysis of the sector from March 2023 until March 2024
We conducted an analysis of the funding activities within the Heart Failure, Structural Heart, Cardiology AI diagnostics, Vascular and Imaging MedTech sectors for the past 12 months, and the findings are detailed below.
Despite the challenging funding landscape that characterized much of 2023 for the MedTech industry, I opted to delve retrospectively to gain insights into which companies successfully secured funding, the timing of these raises, and the amounts involved, thus offering a comprehensive view of the industry's resilience.
Remarkably, the Cardiology MedTech market witnessed an aggregate fundraising total surpassing 800 million USD. The subsequent section outlines the prominent companies within this domain along with their significant milestones.
What happened in terms of funding between 2023 and now?
Heart Failure:
Impulse Dynamics raises $136M to continue work on new 2-in-1 heart failure technology in February 2024.
Impulse Dynamics, a New Jersey-based medical device company focused on heart failure treatments, has raised $136 million in financing. The funds are expected to go toward additional research as well as product development and commercializing its technology around the globe.
Reprieve Cardiovascular Emerges from Stealth Mode after $42 Million Series A Financing to Bring Intelligent Fluid Management to Heart Failure Patients
Reprieve Cardiovascular, Inc. is developing innovative and groundbreaking therapies that aim to improve the lives of more than 25 million heart failure patients around the world. Reprieve is bringing intelligence to decongestion management to safely accelerate fluid removal for heart failure patients. In 2022, Reprieve initiated the FASTR Trial (pilot study) to compare decongestive therapy administered by the Reprieve Decongestion Management System to Optimal Diuretic Therapy in the treatment of patients diagnosed with acute decompensated heart failure.
Procyrion Closes $57.7 Million in Series E Financing in February 2024.
Procyrion medical device company dedicated to improving outcomes for patients with cardiac and renal impairment, announced today the completion of a $57.7 million Series E funding round, including the conversion of $10.0 million of interim financing. These funds will be used to support the ongoing DRAIN-HF pivotal IDE trial evaluating the Aortix™ percutaneous mechanical circulatory support (pMCS) device in patients with acute decompensated heart failure (ADHF) who remain congested despite standard medical therapy (cardiorenal syndrome or CRS). In addition, funds will support internal programs to improve product manufacturability and to prepare for commercialization.
BiVACOR secures $13m for total artificial heart programme in February 2024.
US-based BiVACOR has been awarded $13m from the Australian Government’s Medical Research Future Fund (MRFF) to advance its total artificial heart programme.
With a presence in Australia, BiVACOR was chosen as part of an A$50m ($33m) grant by the government through the Artificial Heart Frontiers Programme (AHFP).
Along with the medtech company, five universities and three clinical groups form the Australia-based consortium to develop and commercialise artificial hearts.
Heart Failure start-up, Acorai, secures €2.3m grant funding from the European Commission in November 2023.
Acorai, a start-up medical device manufacturer from Sweden, announces selection for a €2.3m grant with a follow-on €10m investment offer from the European Innovation Council (EIC). Only a handful of companies who apply for the EIC accelerator are successful, and Acorai was among the top applicants who received the maximum funding Amount.
Acorai is building a first-of-its-kind device for non-invasive intracardiac pressure monitoring to improve heart failure management after having demonstrated promising results in their Swedish 350-patient Pilot Study. Acorai received a Breakthrough Device Designation from the FDA in August 2023. This enables the company to interact with FDA experts to efficiently address topics arising during the premarket review phase and receive expedited reviews prior to their regulatory submission.
Chinese Cardiovascular Medical Device Maker MitrAssist Bags USD100 Million in Series C Fundraiser in September 2023.
The proceeds will be used to facilitate the registration of clinical trials and market access for its mitral valve replacement products and polymer interventional aortic valve replacement products, complete clinical studies of other product candidates in the pipeline, and expand sales.
CorWave secures €61m in second round of Series C funding in June 2023.
France-based cardiac technology company CorWave has secured €61m ($66m) at the close of its second round of Series C funding.
The medical device company has developed a heart pump based on patented technology inspired by the serpent-like movement of marine animals. The pumps polymer membrane recreate this movement in reverse propelling the movement of blood.
Magenta Medical Rakes In $55M for ‘World’s Smallest Heart Pump’ in May 2023.
Israeli medical device developer Magenta Medical recently closed a $55 million financing round. The new funding will be used primarily to help Magenta attain FDA approval for its flagship product — a percutaneous left ventricular assist device called Elevate
BioVentrix lassos $48.5M to take its ventricle-reshaping heart failure implants to the FDA in April 2023.
Irish medtech Fire1 pumped with $25m for heart monitoring tech in March 2023.
Dublin-based medtech Fire1 has raised $25m to increase the pace of development of its heart monitoring device.
Based in DCU Alpha, Fire1 has developed an implantable sensor that can help clinicians to remotely monitor patients suffering from heart congestion and failure.
Sinovac Biotech led Yongrenxin Medical Instrument’s $100m series A round while Sanofi Ventures co-led QurAlis Corporation’s $88m series B in March 2023.
M&A Remote engineering human resources network operator Andela has acquired Qualified, a US-based technical skill assessment platform backed by training services provider Cornerstone OnDemand, for an undisclosed amount. Funding Yongrenxin Medical Instrument, the China-based developer of an artificial heart called Evaheart, has raised $100m in a series A round led by vaccine producer Sinovac Biotech. An unnamed private equity subsidiary of insurance provider China Taiping Insurance Holdings also took part in the round, as did healthcare investment firm Vivo Capital.
Cardiac Imaging:
Luma Vision raises $22M for 4D cardiac imaging, navigation tech on December 2023.
Luma Vision announced today that it raised $22 million to support its bid for FDA clearance of its Verafeye imaging and navigation platform.
The company, headquartered in Dublin, Ireland, and Munich, Germany, develops novel four-dimensional (4D) technology. It designed Verafeye for cardiac imaging and navigation and has plans to build next-generation versions for additional applications.
Structural heart:
CardioMech AS, a Norway-based medical device company focused on structural heart disease, has raised $13 million in January 2024. This new funding is expected to go toward the continued development of CardioMech’s transcatheter mitral valve repair offering for patients presenting with degenerative mitral regurgitation (MR).
The device in question is an artificial chord intended to reduce or even eliminate MR. Delivered to the patient’s mitral valve via a guide catheter, the repair system was designed to offer clinicians a new noninvasive technique for addressing MR in patients who require an intervention. CardioMech sees the device as an opportunity to treat younger, healthier patients who present with severe MR without performing open heart surgery.
Capstan Medical hauls in $31M to develop robotic transcatheter heart valve replacements in August 2023.
A startup that aims to integrate robotics with minimally invasive heart valve procedures has collected $31.4 million in venture capital funding.
While robots have made inroads in many different types of surgeries—from orthopedic joint replacements, to placing spine implants, to conducting keyhole procedures in the abdomen—the replacement of leaky heart valves has largely been a hands-on affair.
Cardiovascular diagnostics with AI:
Powerful Medical Secures €7.5M in Funding from European Innovation Council to Revolutionize Heart Attack Diagnostics with AI in March 2024.
Powerful Medical leads the battle against cardiovascular diseases, the number one cause of death worldwide, with heart attacks accounting for the majority of these fatalities. The company's flagship AI-powered ECG interpretation platform, PMcardio, is setting a new standard in cardiac diagnostics, enabling healthcare professionals to detect acute heart attacks, also known as occlusion myocardial infarction, along with 38 other cardiac abnormalities at the first point of contact. The certified medical device analyzes any image of a 12-lead ECG and compares it against millions of previous patient records, enabling early and precise diagnosis—a critical gap in current healthcare practices.
Laza Medical, Inc., the latest Shifamed portfolio company, announced today that it has closed $36M in Series A financing in December 2023.
Laza Medical is developing an imaging solution for cardiac interventions enabled by artificial intelligence (AI) software and state-of-the-art robotics. Led by The Capital Partnership (TCP) with financial participation from GE HealthCare, PA MedTech VC fund, Unorthodox Ventures, and Dara Holdings, funds will be used to accelerate product development and further expand the team. Additionally, the company announced the appointment of seasoned medtech executive, Pablo Garcia, as General Manager.
Elucid Raises $80 Million in Series C Round Led by Elevage Medical Technologies in November 2023.
A leading medical technology company providing physicians with AI-powered imaging analysis software to assess cardiovascular disease, today announced it has raised $80 million in Series C funding. The round was led by Elevage Medical Technologies, with additional participation from industry strategics and existing investors. With this funding, Elucid is poised to capitalize on the past year’s momentum and expand its commercialization efforts to provide physicians and patients with critical information to combat heart disease. This round brings the company’s total funding to $121 million since inception.
Paris based software company, BrightHeart has raised €2 million ($2.1 million) to develop its artificial intelligence (AI) technology for detecting heart conditions in foetuses in May 2023.
The company’s AI-driven software uses data from 20,000 foetal exams to detect early signs of heart conditions and help clinicians make delivery decisions.
The latest funding was secured from European life science venture capital firm, Sofinnova Partners which marks the fourth investment from its medtech acceleration fund, Sofinnova MD Start III.
Vascular Devices:
Shape Memory Medical advances endovascular embolisation by completing $38 million in financing in March 2024.
Shape Memory stated in a press release that its proprietary shape memory polymer is a low-density, porous embolic material that is crimped for catheter delivery.
Cagent Vascular Raises $30M in Series C Financing in February 2024
Led by CEO Carol A. Burns, Cagent Vascular specilaizes in Serration Technology to treat peripheral artery disease. The Serranator PTA Serration Balloon Catheter (Serranator) has three embedded serrated elements designed to modify the plaque by creating linear, interrupted scoring along the endoluminal surface to aid arterial expansion.
BCV secures €6 million in Series A funding round in December 2023
BCV has announced that it has secured €6 million in a Series A round of financing led by Forepont Capital Partners, with other investors including NTI, MEDCO and existing French investors. This Series A funding brings the total amount raised since the company’s inception to €13 million.
Evident Vascular launches with $35m funding to develop IVUS platform in October 2023.
Medical technology startup Evident Vascular has launched with $35m in Series A financing from Vensana Capital for the development of an intravascular ultrasound (IVUS) platform.
Leveraging artificial intelligence, Evident Vascular is developing the next-generation platform to facilitate better imaging and streamlined workflows.
FastWave Medical secures multi-million dollar private financing within weeks in September 2023.
FastWave Medical recently announced the swift closure of an oversubscribed multi-million dollar private financing. A press release states that this achievement, secured in just a few weeks, highlights the growing interest and confidence in FastWave’s ability to execute its vision for the development of multiple intravascular lithotripsy (IVL) systems.
AVS’ pulsatile IVL technology attracts an additional US$8.8 million to close US$28.8 million Series B round in April 2023
AVS, an early-stage medical device company focused on safely and effectively treating severely calcified arterial disease with its pulsatile intravascular lithotripsy (PIVL) therapy, has announced that it closed an additional US$8.8 million in new financing, bringing its Series B round to US$28.8 million total.
Vivasure wins FDA IDE approval, receives €30M from Haemonetics in March 2023
Vivasure Medical announced today that it received FDA investigational device exemption (IDE) to advance a clinical study of its PerQseal device.
Additionally, Galway, Ireland-based Vivasure announced a €30 million ($32.2 million) investment from Haemonetics. It marks part of the company’s Series D financing, for which the initial $23 million tranche closed in May 2022. The agreement includes an option for Haemonetics to acquire Vivasure.
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