Novo Seeds portfolio company CorWave raises €35m for breakthrough heart pump
Novo Seeds, the early stage investment and company creation team of Novo Holdings, announced its portfolio company CorWave, a medtech company developing an implantable heart pump based on a breakthrough technology, raised € 35 million in a 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 new funds will enable CorWave to complete the development of its wave membrane pump LVAD (Left Ventricular Assist Device). The company plans to use its latest funding to expand its manufacturing infrastructure as well as complete the regulatory testing required to conduct human implants and start clinical trials for advanced heart failure.
Emmanuelle Coutanceau, Partner, Novo Seeds, CorWave Board Member: "Our mission is to support science and entrepreneurs that are developing innovative technologies that offer improved options for patients. As long-standing supporters of the company, we're proud of CorWave's achievements to date in developing a truly innovative new form of heart failure therapy, a multi-billion-euro market opportunity. We are pleased to be working with this talented team and our syndicate partners, including the European Commission's venture capital fund, in supporting CorWave's evolution into a successful international business."
Louis de Lillers, CEO, CorWave: "This financing gives us the means to achieve our ambitions. We've already taken important steps in building our manufacturing and clinical teams. This is the result of the perseverance of the "CorWavers" who are working tirelessly to change the lives of heart failure patients. They have developed the most advanced circulatory support system in the world. We are very pleased with the renewed support of leading healthcare funds such as Novo Seeds. With the recognition of its shareholders, CorWave carries on its work to improve the daily lives of tens of thousands of people suffering from heart failure."
CorWave has 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.