US-based pacemaker technology developer EBR Systems completed a $30m funding round on Tuesday featuring Ascension Ventures, the corporate venturing fund representing 13 hospital operators.
Private equity firms Brandon Capital Partners and MH Carnegie co-led the round, which included venture capital firm Split Rock Partners and life sciences investment firm Emergent Medical Partners.
EBR is working on a wireless cardiac resynchronisation therapy system that is designed to be able to be placed inside a patient’s heart in order to stimulate the left ventricle to maintain a steady heart rate.
The capital will support enrolment for a crucial clinical study for the technology in a bid to secure pre-market approval from the US Food and Drug Administration.
The company has also appointed John McCutcheon as president and chief executive. Former CEO Allan Will is stepping down but will retain his position as chairman.
EBR had previously raised $50m from the same five investors in late 2017, two years after securing $20m from Emergent Medical Partners, Split Rock Partners, SV Life Sciences, Delphi Ventures, St Paul Venture Capital, Paul Fogarty and Stephen Mahle.
The 2015 round followed at least $44.7m in funding since 2005, according to regulatory filings, from investors also including Frazier Healthcare Ventures and De Novo Ventures, though deals database PitchBook placed EBR’s total funding at $152m as of the 2017 round.
Photo courtesy of EBR Systems, Inc.
