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The funding will finance an early feasibility study of its flagship product Duo to evaluate its safety and performance in treating tricuspid regurgitation.
CroíValve, a medtech start-up that spun out of Trinity College Dublin, has closed a $16m Series B funding round led by the MedTech and Irrus Syndicates.
Headquartered in Dublin, CroíValve is developing a device to fix the tricuspid heart valve without the need for surgery.
Tricuspid regurgitation (TR) happens when the tricuspid valve in your heart doesn’t seal shut entirely, which can cause blood to flow backwards. This can change the heart’s structure over time, leading to permanent heart damage and a variety of other problems.
CroíValve, a former SiliconRepublic.com Start-up of the Week, was founded by Dr Lucy O’Keeffe, Dr Martin Quinn, Dr Paul Heneghan and Prof Bruce Murphy.
O’Keefe, who is the CEO, said that the latest funding is a testament to the “unmet need” for treating TR and the potential of the company’s flagship product, Duo, to treat more patients with a “reproducible and intuitive procedure”.
“We are excited to bring this technology to the US, with strong support from our shareholder base who are committed to our mission to transform the lives of patients suffering from tricuspid regurgitation.”
While CroíValve’s research, development and operations teams are based in Ireland, its clinical and regulatory teams are based in the US. The latest funding will be used to finance an early feasibility study of Duo to evaluate its safety and performance in treating TR.
The Series B round saw participation from existing investors, including Ascentifi, Furthr, Broadview Ventures, Atlantic Bridge University Fund, Enterprise Ireland, Elkstone and SOSV, as well as new investor IAG Capital Partners.
CroíValve also appointed Daniel Gottlieb, a director with Broadview Ventures, to its board of directors. Gottlieb has two decades of experience with medical device and biotechnology companies in business development, marketing and strategy.
Two years ago, CroíValve raised €8m in a round led by two Halo Business Angel Network syndicates. The Dublin medtech previously raised €3.2m from angel investors in 2019, before raising a further €1.5m from investors and securing €2.5m from the EU under its Horizon 2020 SME Instrument grant.
Disclosure: SOSV is an investor in Silicon Republic
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