Israel-based cardiac device developer Magenta Medical has closed a $15m series B round led by medical device manufacturer Abiomed.
The round included venture capital firm Pitango Venture Capital, investment firm Jafco and private investors including cardiac surgeon Jacques Seguin. It followed $4m in seed funding from Pitango Venture Capital in 2012.
Founded in 2012, Magenta is developing transcatheter devices that will help to treat acute heart failure by managing fluid retention, facilitating the safer and faster removal of liquids and salts from the body and easing pressure on the kidneys.
The company’s first product is currently going through clinical trials in Europe and the funding will be used to accelerate its clinical program and fund a clinical study in the US.
Ehud Schwammenthal, co-founder and chief medical officer of Magenta, said: “Since its inception, Magenta has made great progress and was able to bring its first product into clinical trials in Europe.
“The current funding will allow us to expand and accelerate the clinical program on the path to approval in Europe and a pivotal study in the US.”