CorWave, a France-based medical technology developer that counts pharmaceutical firm Novo as an investor, has received €14m ($16.3m) from BPIfrance, the public investment bank of France.
Founded in 2011, CorWave is using wave membrane technology to develop blood pumps that copy cardiac beating to preserve blood. The BPIfrance investment will help fund the €25m research program it has instituted for its CorWave Neptune device.
The company emerged out of incubator MD Start and raised an undisclosed amount of series A funding from medical device producer Medtronic, BPIfrance, Sofinnova Partners and Seventure Partners in 2013
Novo subsidiary Novo Seeds subsequently led CorWave’s $17.1m series B round in 2016, which also featured Sofinnova Partners, Seventure Partners and Ysios Capital.
Louis de Lillers, CEO of CorWave, said: “The Calypso program considerably increases the resources allocated to preclinical and clinical studies prior to the marketing of Neptune, a cardiac support pump that closely mimics the physiological flow of the native heart.
“This program will help CorWave convert its disruptive technology into a sustainable competitive advantage to establish itself, as a global leader in cardiac support, a market that already accounts for nearly $1bn in annual sales.”