CardioMech, a Norwegian medical device company with a presence in Minnesota, said today that it has secured $18.5 million in a Series A round of funding.
CardioMech produces a heart valve repair device that treats degenerative mitral regurgitation, which is when blood flows backward to the heart.
Right now, the condition is treatable, but only through open-heart surgery. CardioMech offers a catheter procedure that allows patients to avoid risky surgeries and recover more quickly.
The company's Series A round was led by an undisclosed strategic investor along with Hadean Ventures and Investinor.
"CardioMech has the right technology, the right team, the right partners in the right market and Investinor is excited to invest in the development of this Norwegian-born technology," Investinor Investment Director Ann-Tove Kongsness said in a statement.
"I am thrilled to partner with our strategic investor, Hadean and Investinor, leading global players in the development of medical device technologies," added CardioMech CEO Rick Nehm. "Together, we will pursue and achieve our objective to significantly improve the standard of care for patients suffering from mitral regurgitation."
CardioMech said that it will use the $18.5 million to fund its journey to conduct its first-in-human feasibility trial.
Medical devices were frequently tested and approved first in Europe before going through the same process in the U.S. But with the recent passage of the European Union's Medical Device Regulation, the approval process has become longer and more stringent.
Nehm, a Roseville native, took over the company in 2018 and stepped in as CEO. Soon after, CardioMech raised $7.5 million in convertible-note. Nehm previously told the Biz Journal that he planned to raise between $5 million and $10 million for the company's Series A.
