CroíValve Secures $16M in Series B Funding to Advance Heart Valve Treatment

EIT Health-supported start-up, CroíValve, has successfully closed a $16 million Series B funding round to further develop its innovative heart valve treatment technology. The Dublin-based medtech company, a spin-out from Trinity College Dublin, is pioneering a minimally invasive solution for tricuspid regurgitation (TR), a serious heart condition that affects millions of patients worldwide.  

The funding round was led by the MedTech and Irrus Syndicates, with participation from existing investors such as Ascentifi, Furthr, Broadview Ventures, Atlantic Bridge University Fund, Enterprise Ireland, Elkstone, and SOSV, as well as new investor IAG Capital Partners. The investment will be used to finance an early feasibility study in the United States, aimed at evaluating the safety and performance of CroíValve’s flagship product, the DUO^TM Coaptation Valve System, in treating TR. 

Tricuspid regurgitation occurs when the tricuspid valve in the heart does not close properly, allowing blood to flow backward and potentially leading to severe heart complications. CroíValve’s DUO^TM device offers a novel, minimally invasive approach to addressing this condition, providing an alternative to the traditional open-heart surgery, which is often not suitable for elderly patients. 

CroíValve’s journey has been supported by EIT Health through various accelerator programmes, enabling the company to reach critical milestones in its development. The company previously raised €8 million in a Series A funding round in 2022, which was also led by the MedTech and Irrus Syndicates and has received additional funding through grants and investments over the years. 

Graham Armitage, Managing Director of EIT Health Ireland-UK, said, “CroíValve’s commitment to addressing unmet clinical needs through cutting-edge technology is commendable. We at EIT Health are proud to have supported CroíValve on their journey and are excited to see their progress as they move forward with this critical feasibility study.” 

The company, founded by Dr. Lucy O’Keeffe, Dr. Martin Quinn, Dr. Paul Heneghan, and Prof. Bruce Murphy in 2016, has steadily gained recognition for its ground-breaking work in the medtech field.  

 “Tricuspid regurgitation affects more than 4 million people in the US and Europe, and there are few treatment options today. After promising clinical outcomes with the DUO^TM System in our First in Man clinical study conducted in Europe, the TANDEM I study, I am excited to advance our experience in the US with the TANDEM II early feasibility clinical study,” said Dr. Lucy O’Keeffe, CEO, CroíValve. 

“Our Series B fund raise enables us to execute our plan to help the millions of patients suffering from severe tricuspid valve disease through a novel transcatheter tricuspid treatment option designed to treat a broad patient population without the anatomic limitations and procedural complexity that is limiting scalability of today’s devices.” 

CroíValve’s research, development, and operations teams are based in Ireland, while its clinical and regulatory teams are in the US, where the upcoming feasibility study will take place. 

Learn more about CroíValve’s solution here.

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