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.
The latest investment round received €15m($16.3m) from the Société de Projets Industriels (SPI) fund, managed by BPifrance on behalf of the French Government. CorWave also received €11m ($12m) in funding from Exor Ventures.
During the first close of its series C funding, the medical device company raised €35m ($38.2m) from existing investors, including Sofinnova Partners; Seventure Partners; Bpifrance; Novo Holdings; and Ysios Capital, along with new investors EIC Fund, Arbevel and M&L Healthcare.
This marked the first direct equity investment from the European Commission since its inception through the EIC Fund.
Welcoming the new shareholders, CorWave CEO Louis de Lillers said: “These investments are the result of demanding selection processes that demonstrate the relevance of our disruptive product and the seriousness of the work carried out by our teams. These funds will enable us to pursue our mission with the aim of improving the lives of advanced heart failure patients around the world.”
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Part of the latest investment will be used towards the industrial development of CorWave’s facilities, which is already building its manufacturing facility on the banks of the Seine in Clichy. The rest of the funding will be used for entry into clinical trials.
The SPI fund managed by BPifrance on behalf of the French Government is part of the France 2030 plan. The plan aims to transform the following sectors, healthcare, energy, automotive, aeronautics, and space.
A total of €54bn ($59bn) will be invested so that French companies, universities and research organisations propel these sectors.