InnovHeart raises funds for trans-septal delivery system development

10 August 2020 (Last Updated August 10th, 2020 11:06)

InnovHeart has raised €20m in a Series B funding round to support the clinical trial of the Saturn TMVR system and to finalise the development of a trans-septal delivery system, which uses the Saturn valve technology.

InnovHeart raises funds for trans-septal delivery system development
In a separate development, Vicarious Surgical raised an additional $13.2m in capital to further develop its new surgical robotics platform. Credit: Vicarious Surgical.

InnovHeart has raised €20m in a Series B funding round to support the clinical trial of the Saturn TMVR system and to finalise the development of a trans-septal delivery system, which uses the Saturn valve technology.

Existing investor Genextra and a syndicate led by Panakes Partners, along with CDP Venture Capital and Indaco Venture Partners, have participated in the round.

InnovHeart board of directors chairman Keith Dawkins said: “With millions of patients suffering from severe mitral regurgitation (MR), there remains an unmet clinical need for a safer, less-invasive treatment that has the potential to eliminate MR.

“With the support of Genextra and our new investors in this Series B financing, we are excited to be able to take the Saturn TMVR into the clinic and begin providing a solution for these patients.”

As part of the financing, Panakes Partners’ Barbara Castellano will be joining the InnovHeart board of directors.

Barbara Castellano said: “The innovative design of Saturn TMVR and its unique approach to delivering and anchoring the implant has the potential to provide significant advantages over first-generation systems and the ability to treat a large and heterogeneous patient population.”

Meanwhile, in a separate development, Vicarious Surgical has raised an additional $13.2m in capital to further develop its new surgical robotics platform.

The round was led by Philip Liang of E15 Capital with participation from existing investors Bill Gates, Khosla Ventures, Innovation Endeavors and AME Cloud Ventures.

Vicarious Surgical CEO Adam Sachs said: “As we approach clinical use with our first product, I am thrilled to bring on Phil, E15 Capital and the experience of their team.

“Adding both the capital and E15’s experience in this industry will be invaluable to our success. This is a great milestone and a strong start to the next phase of our growth as a company.”

Following the latest round, Philip Liang and RicFulop joined Vicarious Surgical board of directors.