Medtech start-up CroíValve has secured €3.2m in an oversubscribed seed financing round. 

The funding round was led by the HBAN (Halo Business Angel Network) MedTech and Irrus Syndicates.

Atlantic Bridge University Fund, Enterprise Ireland, SOSV and a group of cardiologists who see the treatment's transformative potential, also took part. 

CroíValve, a spinout from the Trinity Centre for Bioengineering, has developed a minimally invasive treatment for a heart condition known as tricuspid regurgitation (TR).

As most of patients with the condition are elderly and too frail for open-heart surgery, the only option available to them is medication to remove the excess fluid caused by TR but that does not cure the condition. 

CroíValve's technology specifically addresses the challenges associated with tricuspid heart valve disease.

The company's funding round was led by 48 angel investors from HBAN, the all-island organisation responsible for the promotion of business angel investment, and an initiative of Enterprise Ireland, InterTradeIreland and Invest Northern Ireland. 

It is the largest ever number of HBAN members to contribute to one funding round and together they invested €1.5m in the company.

CroíValue said the funding will support the continued development of its innovative technology.