France-backed cardiac pump technology developer CorWave has collected $40m of series C funding from investors including pharmaceutical company Novo.
BPIfrance, Seventure, Sofinnova Partners and Ysios Capital also participated in the round alongside EIC Fund, a venture capital fund set up by the European Commission, Financière Arbevel and M&L Healthcare.
Founded in 2011, CorWave is developing membrane pump technology designed to improve the care of patients with heart failure. Its cardiac assist devices generate natural pulses which can replicate the blood flow and pressure of a patient’s heart.
The company emerged from VC firm Sofinnova Partners’ medtech incubator, MD Start, in 2011 and joined Agoranov Incubator the following year.
CorWave will use the funding to finish the development of its flagship product, expand its manufacturing infrastructure and complete regulatory testing of its technology.
The series C round comes after more than $55m of earlier funding, including about $4.3m in a series A round backed by nedical device producer Medtronic, BPIfrance, Seventure Partners and Sofinnova Partners in 2013.
Novo subsidiary Novo Seeds led CorWave’s $17.1m series B round in 2016, which included Sofinnova Partners, Seventure Partners and Ysios Capital. It received $16.3m from BPIfrance in 2018 for a research programme related to its CorWave Neptune device.