Laplace Interventional announced this week that it closed on $12.9 million in series B financing.
The Plymouth-based medical device startup is developing a transcatheter tricuspid valve technology that increases life expectancy and quality-of-life improvement to patients diagnosed with tricuspid regurgitation, a type of heart valve disease. The series B financing will help the company achieve its early clinical feasibility milestones.
The Series B financing was co-led by ShangBay Capital along with Features Capital and included participation from Engage Venture Partners, JWC Ventures and a global strategic investor, according to a news release.
Founder and CEO Ranji Iyer said the company has seen major recent growth. He started the company in 2020 on his own, funded out of his own pockets and with the help of family and friends. A small grant from the state gave him an extra push forward.
After receiving series A funding in 2021, the company built up quickly. Laplace has about 22 full-time equivalent employees between its full-timers, contracted personnel and consultants. Laplace also has a 5,000-square-foot office along with a research-and-development lab and a clean room to manufacture the device.
The company also announced that Jenny Barba, co-founder and managing partner at Features Capital, joined its board of directors. Todd Mortier, a serial medtech entrepreneur, previously joined its board of directors.
There’s been a “ton of progress,” Iyer said. “Minnesota is a great place to start a medtech business,” he said, pointing to the many resources built up to keep the industry thriving.
He thinks the company is comfortable in its space now but would eventually move somewhere larger to scale up its manufacturing volume. He’d be seeking an office space and lab suited for medical device work, but he said those kinds of spaces are sometimes hard to find.
