Atraverse Medical, a medical device company involved in minimally invasive cardiac procedures, announced the close of a $29.4 million follow-on financing.
The raise expands upon $12.5 million in prior seed investment, which was utilized to obtain FDA 510(k) clearance and initiate early commercialization of Hotwire, the company’s radiofrequency guidewire for left-heart access.
The company has raised over $40 million in investment capital.
According to a company spokesperson, Jean-Luc Pageard, a private investor, contributed to the financing.
WHAT IT DOES
The company’s Hotwire system is a universal sheath used for catheter-based cardiac procedures.
According to the company, Hotwire provides the benefits of “RF-guided enable puncture, including zero exchange workflow, while allowing physicians to use their preferred transseptal sheath.”
The funds will be used to expand the commercial organization, ramp up manufacturing operations and expand its products in its research and development pipeline.
“This financing is a major milestone for Atraverse and underscores our evolution from a startup company to an emerging growth corporation,” John Slump, CEO, president and cofounder of Atraverse Medical, said in a statement.
“We’re scaling manufacturing, expanding our team, and investing in new product development to build on the HOTWIRE platform. Our investor syndicate includes angel investors, family offices, and MedTech entrepreneurs who share our conviction that Hotwire is setting a new standard as the future of left-heart access.”
MARKET SNAPSHOT
Other companies in the coronary guidewire space include Abbott, Boston Scientific and Medtronic.
In 2024, Eko Health received FDA 510(k) clearance for its AI-enabled cardiac tool, which aids in the early detection of low ejection fraction, a key indicator of heart failure.
Eko Low Ejection Fraction Tool (ELEFT) is an AI-enabled tool that allows providers to detect low ejection fraction in 15 seconds during a routine exam using an Eko stethoscope.
ELEFT was added to Eko’s SENSORA Cardiac Early Detection Platform, which contains several FDA-cleared algorithms for identifying AFib and structural heart murmurs.
In 2021, Abbott was granted FDA clearance for its imaging software, which utilizes artificial intelligence to provide doctors with a clearer view of blood flow and blockages in heart vessels.
The Ultreon 1.0 Software combines optical coherence tomography with AI to assist physicians in making informed decisions about the next steps in treatment.
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