US-based wireless pacemaker producer EBR Systems raised $50m yesterday in a round backed by Ascension Ventures, the strategic investment fund formed by healthcare system Ascension Health.
Private equity firm MH Carnegie and venture capital firm Brandon Capital Partners co-led the round, which included investment firms Split Rock Partners and Emergent Medical Partners.
EBR Systems has developed a wireless heart pacemaker to modulate the cardiac rhythm of patients at risk of heart failure who are unable to undergo conventional cardiac pacing.
The cash will be used for a clinical study, called Solve-CRT, to help secure approval from US regulator the Food and Drug Administration. The device already meets the CE approval standard for the European Union and is undergoing trials at four European research centres.
EBR closed a $20m round in 2015 led by Emergent Medical Partners and backed by Split Rock Partners, SV Life Sciences, Delphi Ventures and St Paul Venture Capital, as well as individual investors Paul Fogarty and Stephen Mahle.
The company has raised $152.2m in equity and debt financing to date, according to deals database PitchBook. Its past investors also include De Novo Ventures.
– The original version of this article appeared on our sister site, Global Government Venturing.