CorWave has raised $40 million from new and existing investors to develop its initial product, expand a manufacturing infrastructure, complete regulatory testing required to conduct human implants, and start its human clinical trials.
The company is developing an implantable heart pump (Left Ventricular Assist Device, LVAD) based on the wave membrane pump.
Bpifrance, Novo Holdings, Seventure, Sofinnova Partners and Ysios Capital, existing shareholders of CorWave, significantly increased their stake in the company. CorWave is the first investment of the $4.4 billion EIC Fund, financed by the European Commission and one of the largest VC funds in Europe. Two new shareholders join the returning investors and EIC Fund: Financière Arbevel and the Singaporean family office M&L Healthcare.
Gérard Hascoët, chairman of the board of directors of CorWave and venture partner at Sofinnova Partners, said: "CorWave has built an international team of excellence that has achieved critical R&D milestones. The company is now in a very good position to seize a multi-billion-dollar market opportunity. On behalf of the existing investors, I am very excited to continue to support CorWave in this new phase of growth.”
Louis de Lillers, CEO of CorWave, added: "This $40 million round gives us the means to achieve our ambitions. We are already at work to build 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. I would also like to acknowledge the work of Zina Hamoumi, our CFO, who has been instrumental in this transaction. We are very pleased with the renewed support of leading healthcare funds and the arrival of new shareholders, including EIC Fund, which is making its first equity investment.”
