MEDTECH STARTUP CROÍVALVE, which makes a device for treating heart conditions without the need for surgery, has raised €3.2 million from investors.
The Dublin-based company, a spin-out from Trinity College, is developing a small device for addressing a condition called tricuspid regurgitation.
This is where the valve between the heart’s right ventricle and right atrium doesn’t close properly. This can lead to blood leaking back into the right atrium, which can cause failure of the right side of the heart as well as liver and kidney failure and can result in death.
According to CroíValve, there are over 500,000 new cases of the condition every year in Europe and the US.
It is usually addressed through open-heart surgery to curb the blood leakage. However the condition mostly affects the elderly who are often unfit for such a procedure.
CroíValve’s device enters the body through the heart’s blood vessels, without the need for general anaesthetic, to create a seal that prevents the regurgitation of blood.
The seed round comes from HBAN’s medtech syndicate and Irrus Syndicates alongside Atlantic Bridge University Fund, SOSV and Enterprise Ireland.
Chief executive Lucy O’Keefe said the investors brought the necessary know-how to help move CroíValve’s development along.
“They all have experience with medtech investing, the life cycle and capital investment involved,” she said.
The startup plans to grow its staff to 10 people, mostly in research and development, by the end of the year.
“The core team is based in Dublin, but we would utilise a global network of consultants, experts and suppliers,” O’Keeffe added.
The company has also hired a new chief technology officer in Ivan Vesely, who is relocating from the US.
O’Keeffe declined to discuss how the funds will be invested specifcally when it comes to things like clinical trials and timelines for getting the product to market.