France-based medical software developer Volta Medical secured $28m on Tuesday in a funding round led by healthcare investment firm Gilde Healthcare that included insurance group Pasteur Mutualité.
Founded in 2016, Volta has developed software that uses artificial intelligence to assist electrophysiologists in treating cardiac arrythmias, a condition that causes the heart to beat irregularly.
The company’s VX1 AI software is compatible with technology typically used in medical operating rooms and electrophysiology laboratories.
The proceeds of the round will be used to fund Volta’s research and development activities as well as the roll out of its commercial activities in Europe and the US.
Theophile Mohr-Durdez, Volta Medical’s co-founder and chief executive, said: “We are excited to be able to complete our highly ambitious medical programme with the start of TAILORED-AF, a new randomised controlled trial.
“This trial aims to demonstrate how our AI software can help physicians optimise both efficacy and efficiency when performing complex procedures to treat heart rhythm disturbances.”
Gilde Healthcare general partner Janke Dittmer has taken a seat on the company’s board of directors in connection with its investment.
Volta collected $2.7m in a 2018 round led by Pasteur Mutualité and backed by undisclosed cardiologists, following roughly $450,000 from unnamed investors the previous year. It received another $1.6m from BPIfrance in April 2020.