HVR Cardio, a Finnish cardiovascular device company, secures over EUR 10 million financing
The recent financing, approximately EUR 10.7 million, is one of the largest rounds raised by a Finnish company in the med tech sector. The Series B round was led by the Finnish venture capital investor Innovestor with its new Life Science fund. Tesi also participated in the investment round.
Mitral regurgitation is the most common valvular heart disease, impacting approximately 15 million people in Europe and the USA. This leaves a significant need for better treatment options, as the current surgical options are suitable for only a small proportion of people. CathHELIX™, the elegant, catheter-based solution by HVR Cardio, makes it possible to repair the fault without the need for demanding open-heart surgery. The solution has already been granted Breakthrough Device Designation status by the FDA (United States Food and Drug Administration), meaning it is considered a possible breakthrough that could significantly improve the treatment of a serious illness.
”HVR Cardio develops solutions that provide a new treatment option for a disease with a heavy global burden. We are excited to support the company in the next important development stage, namely the first clinical trials for the CathHELIX™ product,” says Miia Kaye, Investment Manager at Tesi.
In addition to the financing, the Helsinki-based HVR Cardio announces a new leadership team with the hiring of CEO Tom Fleming and CTO Tim Girton. Both have long histories at Boston Scientific, one of the leading global med tech players within the cardiovascular space.
Caution: The CathHELIX device is an investigational technology and is not approved or cleared for use in patients in any geography
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Additional information:
Miia Kaye, Investment Manager, Venture Capital Investments
miia.kaye@tesi.fi
+358 50 388 3005
Tesi wants to raise Finland to the forefront of transformative economic growth. We develop the market, and work for the success of Finnish growth companies. We invest in private equity and venture capital funds and directly in growth companies. We provide long-running support, reasoned insights, patient capital, and skilled ownership. tesi.fi | Twitter | LinkedIn | Newsletter
HVR Cardio International Ltd / Oy is a clinical-stage medical technology company developing innovative products for mitral valve repair and replacement based on the company’s proprietary helix technology. The company, based in Helsinki, Finland, with offices in Minneapolis, MN (USA), is backed by leading Nordic venture capital funds. Additional company information can be found www.hvrcardio.com.
Innovestor is a Finnish investment company focusing on venture capital and real estate. In addition, we offer corporate venturing services. The firm currently manages four VC funds with total capital of over €200 million. Consisting of almost 100 growth companies across multiple sectors of technology and life science & health, it represents one of the largest private venture-backed portfolios in the Nordics. Our mission is to make good money. For more information, visit www.innovestorgroup.com LinkedIn Twitter