Dublin-based medtech start-up CroíValve has raised €8m in a Series A Round of funding for a feasibility clinical study of its DUO Coaptation valve system.
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 the Halo Business Angel Network (HBAN) - the all-island organisation responsible for the promotion of business angel investment and an initiative of Enterprise Ireland, InterTradeIreland and Invest Northern Ireland - as well as Medtech and Irrus Syndicates.
Existing investors include Atlantic Bridge University Fund, Broadview Ventures, SOSC and Enterprise Ireland.
New investors in the company also include Elkstone, Ascentifit and DBIC.
The startup also said today that Dr Azin Parhizgar, PhD, a medical device entrepreneur in structural heart, has joined its board of directors.
In addition, Helen Scotch has joined its senior leadership team as Vice President of Clinical and Regulatory Affairs.
