Puzzle Medical announced today that it closed a Series A funding round worth approximately $25 million (CAN$34 million).
Cordis-X, a cardiovascular-focused investment vehicle, led the funding round. Ajax Health, Hellman & Friedman and KKR back Cordis-X. Longview Ventures, Desjardins Capital and BDC Capital’s Thrive Venture Fund participated, too, along with existing investors.
“We are thrilled to have closed our Series A funding round and to have the support of such a renowned syndicate of investors,” said Jade Doucet-Martineau, co-founder and CEO of Puzzle Medical Devices. “This milestone achievement is a reflection of the team’s dedication and execution capability and will allow us to continue to execute on our mission of transforming the treatment of advanced heart failure.”
Montreal, Quebec–based Puzzle Medical is developing a long-term, percutaneous, transcatheter heart pump for people with advanced heart failure. With a modular design, the device allows for safe implantation to support renal and cardiac function. Its 4mm pumps anchor in parallel in the descending aorta.
The device could potentially provide a less-invasive alternative to LVADs.
The company intends to use the funding primarily to complete its human feasibility study. Puzzle Medical also intends to allocate funds toward expanding development efforts and attracting talent. In addition to its fundraising, the company added Duke Rohlen, Aftab Kherani and Maria Berkman to its board of directors.
“What the Puzzle team has accomplished in a few short years is remarkable,” Rohlen, executive chair of Cordis and CEO of Cordis-X and Ajax Health, said. “They’ve developed a truly novel solution to one of the most serious and difficult challenges in cardiovascular care.”
Founded in 2018, Puzzle Medical was on our list of startups to look out for in 2020.