US-based cardiac treatment device developer Cardionomic has received $15.8m from investors including healthcare provider Cleveland Clinic and corporate-backed fund Ascension Ventures, Twin Cities Business, has reported, citing a regulatory filing.
Venture capital firm New Enterprise Associates (NEA) also took part in the round, which has a $16.9m target for its close. Ascension Ventures represents 13 healthcare providers including Ascension Health.
Cardionomic is working on a neuromodulation-based treatment for acute decompensated heart failure, where poor blood circulation pushes excess fluids into other organs such as the lungs.
The capital is expected to fund development and clinical trials for the system as well as efforts to expand Cardionomic’s product pipeline. Cardionomic was spun off in 2015 by Cleveland Clinic and Denali Medical II, a medical device incubator backed by NEA.
Cleveland Clinic, NEA and medical device maker Greatbatch Medical joined unnamed additional investors to provide $20m in series A funding for the company in 2015. It added $9m from unnamed backers in April 2018 according to a securities filing.