A Dublin-based startup has secured €3.2m in an oversubscribed seed financing round led by HBAN MedTech and Irrus Syndicates.
CroíValve is expected to use the funds to continue to develop its minimally invasive treatment for tricuspid regurgitation (TR), a life-threatening heart condition.
Other investors in the round, who believe in the potential of the company’s treatment, include Atlantic Bridge University Fund, Enterprise Ireland, SOSV and a group of cardiologists.
Led by 48 angel investors, this is the largest ever number of HBAN members to contribute to one funding round; together they invested €1.5m in CroíValve, a spinout from the Trinity Centre for Bioengineering.
CEO Dr Lucy O’Keeffe said that all treatment options for TR too date have been either too invasive or merely symptom management.
With the vast majority of TR patients elderly and too frail for open-heart surgery, CroíValve’s device specifically addresses the challenges associated with the disease.
“We welcome the investors’ support in accelerating our development efforts and look forward to working together to bring this exciting technology to patients,” she said.
CroíValve are currently building its team, particularly in the area of research and development, with an intention on having an employee headcount of 10 people by year end.
HBAN MedTech syndicate member, and CroíValve Chairman, Bernard Collins said the company is dedicated to transforming the way tricuspid regurgitation is treated.
“This [funding] will help to open doors for CroíValve and enable the company to scale and commercialise its device. As chairman and an investor, I am extremely excited to be involved in this game-changing company dedicated to transforming the way tricuspid regurgitation is treated,” he said.