FineHeart has raised €83m ($96.6m) in public and private financing towards advancing the development of its implantable cardiac output accelerator for advanced heart failure treatment.
The French clinical stage company’s lead product in development is Flowmaker, a hybrid between a pacemaker and a cardiac assist device to restore normal contraction of the heart.
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€35m ($40.7m) of the total funds originate from the close of FineHeart’s Series C funding round. The round featured participation from new investors including Groupe Pasteur Mutualité and Groupe Etchart and ‘significant’ participation from the European Innovation Council’s (EIC) European Investment Bank (EIB) fund. Existing investors including FH Founders also participated.
In parallel with the Series C raise, FineHeart has also received €48m ($55.8m) in grants from the European Commission’s (EC) IPCEI Med4Cure, a €1bn ($1.16bn) public funding pool created for healthcare innovation projects in the EU.
Set to be disbursed in several tranches, the Med4Cure funds have been granted to FineHeart given its role as lead partner in the project with an initiative to structure the European active implantable medical device (AIMD) sector.
As lead partner on the project, FineHeart will apply the funds towards key technological development challenges related to AIMDs, including the miniaturisation of power supply systems, and approaches towards improving the long-term reliability and durability of implantable systems.
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By GlobalDataFineHeart’s CEO and co-founder, Arnaud Mascarell, said: “We are delighted to welcome new investors at this first closing. I would like to extend my special thanks to Groupe Pasteur Mutualité and the (EIC) for their key contributions, as well as to our long-standing shareholders.”
“Together with the IPCEI, this funding strengthens our ambition to build disruptive, IP-protected technologies that enable more predictive, personalised, preventive, and participatory medicine—while advancing Europe’s industrial competitiveness and healthcare sovereignty.”
A total of 13 companies from the EU Member States of Belgium, France, Hungary, Italy, Slovakia and Spain are participating in Med4Cure. Under the initiative, the nations participating will provide up to €1bn ($1.16bn) in public funding, which is expected to unlock an additional €5.9bn ($6.8bn) in private investments.
