Irish-German medical device start-up OneProjects has raised $12m in a Series A financing round led by Dutch investment company LSP and the Atlantic Bridge University Fund.

Enterprise Ireland and a number of prominent MedTech entrepreneurs also participated in the financing round.

The company intends to use the fund to advance its product development and launch clinical trials.

It will also support the market launch of Verafeye, a connected platform technology developed by the company for the treatment of atrial fibrillation (AFib) and cardiac arrhythmias.

Verafeye technology offers 4D data from within the heart, increasing the efficacy and safety of AFib treatment.

Furthermore, it is expected to improve outcomes for patients while reducing the cost to the healthcare system.

OneProjects CEO Fionn Lahart said: “This investment will help us to further build our team in Dublin and Munich, advance product development and, ultimately, achieve our goal of helping physicians provide far better treatment for patients, suffering from AFib.”

OneProjects was founded in 2017 by Fionn Lahart and chief technology officer (CTO) Christoph Hennersperger. The company focuses on developing the treatment of cardiac arrhythmias, including AFib.

The disease, which often causes strokes and other heart conditions, affects more than 38 million people worldwide.

According to the American Heart Association, at least 2.7 million Americans are currently living with AFib.

If left untreated, atrial fibrillation is likely to double the risk of heart-related deaths. It is also said to be associated with a five-fold increased risk of stroke.