CorWave, a French medtech company developing an implantable heart pump, raised €35m in Series C financing.
The EIC Fund, a VC fund set up by the European Commission, served as anchor investor and made its first investment in becoming a shareholder of a private company for the first time since the governmental organization was founded in 1957. Novo Seeds participated in the round alongside other existing investors Bpifrance, Seventure, Sofinnova Partners and Ysios Capital.
The company intends to use the new funds to complete the development of its wave membrane pump LVAD (Left Ventricular Assist Device), expand its manufacturing infrastructure as well as complete the regulatory testing required to conduct human implants and start clinical trials for advanced heart failure.
Incorporated in 2012 by the startup studio MD Start and led by Louis de Lillers, CEO, CorWave is a developing innovative cardiac assist devices which leverage novel membrane pump technology developed to reduce complications associated with current devices and improve the care of patients with heart failure. The company has already achieved two critical technical milestones required to proceed to the clinical phase:
- a successful 60-day in vivo implant, with excellent hemocompatibility results, and
- the completion of 6-month real-time durability tests of the pump.
CorWave had secured over 45 million euros of equity and non-dilutive funding prior to its Series C round and employs more than 50 people.