Innovestor leads the Series B funding round of HVR Cardio, a Finnish cardiovascular device company which also announces new management team members.
The Series B funding round of HVR Cardio, approximately EUR 10.7 million, is one of the largest rounds raised by a Finnish company in the med tech sector. The round was led by Innovestor Life Science fund and joined by Tesi and other investors.
Mitral regurgitation (MR) is the most common valvular heart disease, impacting approximately 15 million people in Europe and the USA. The current surgical treatment options of MR are suitable for only a small proportion of people. HVR Cardio is developing an elegant, catheter-based solution CathHELIX™, which makes it possible to repair the fault without the need for demanding open-heart surgery. The solution has already been granted Breakthrough Device Designation status by the FDA (United States Food and Drug Administration), meaning it is considered a possible breakthrough that could significantly improve the treatment of a serious illness.
“HVR Cardio is a fantastic example of the world-leading innovation capacity in life sciences in the Nordics, and a company that can help solve a global health burden”, says Pekka Simula, Partner of the Innovestor Life Science fund. “We are truly excited about their minimally invasive CathHELIX™ technology, which we expect to reach clinical translation soon and offer new hope for patients.”
In addition to the financing, the Helsinki-based HVR Cardio announces new management team members with the hiring of CEO Tom Fleming and CTO Tim Girton. Both have long histories with Boston Scientific, one of the leading global med tech players in the cardiovascular space.
Pekka Simula, Partner, Innovestor Life Science
+358 40 730 0445
Innovestor is a Finnish investment company focusing on venture capital and real estate. In addition, we offer corporate venturing services. The firm currently manages four VC funds with total capital of over €200 million. Consisting of almost 100 growth companies across multiple sectors of technology and life science & health, it represents one of the largest private venture-backed portfolios in the Nordics. Our mission is to make good money. For more information, visit www.innovestorgroup.com LinkedIn Twitter
HVR Cardio International Ltd Oy is a clinical-stage medical technology company developing innovative products for mitral valve repair and replacement based on the company’s proprietary helix technology. The company, based in Helsinki, Finland, with offices in Minneapolis, MN (USA), and is backed by leading Nordic venture capital funds. Additional company information can be found www.hvrcardio.com.
Tesi wants to raise Finland to the forefront of transformative economic growth. We develop the market, and work for the success of Finnish growth companies. We invest in private equity and venture capital funds and directly in growth companies. We provide long-running support, reasoned insights, patient capital, and skilled ownership. tesi.fi | Twitter | LinkedIn | Newsletter