CorWave Raises $17.1 Million in Series B Financing

CorWave, a medical technology company that develops innovative mechanical circulatory support devices, has completed a $17.1 million Series B financing.

Existing shareholders including Sofinnova Partners, Bpifrance and Seventure were joined by two new investors: Novo Seeds, which led the round, and Ysios Capital. Emmanuelle Coutanceau from Novo Seeds and Josep Lluis Sanfeliu from Ysios will join the CorWave board of directors as well as cardiovascular industry veteran Michel Darnaud, who will serve as an independent director.

This fundraising has been closed despite increasing expectations from cardiac surgeons but only incremental innovations on massive investments from large medtech companies that have failed to improve significantly the clinical outcome of LVADs.

Jones Day advised Novo Seeds in its acquisition of a minority stake in CorWave with a team led by partner Charles Gavoty.

Involved fees earner: Charles Gavoty – Jones Day;

Law Firms: Jones Day;

Clients: Novo Seeds AS;