7th August 2024 – Led by Lucy O’Keeffe, the company is a spin-out from Trinity’s College Dublin’s Centre for Bioengineering.

CroíValve, a Dublin-based medtech company, has closed a $16 million (€14.6 million) Series B funding round.

The company, which has developed a minimally invasive device to treat defective heart valves, is a spin-out from Trinity College Dublin’s Centre for Bioengineering.

The Series B financing was led by the MedTech and Irrus angel syndicates with participation from existing investors Ascentifi, Furthr VC, Broadview Ventures, Atlantic Bridge University Fund, Enterprise Ireland, Elkstone and SOSV. IAG Capital Partners, a new backer, also invested in the latest round.

Led by Lucy O’Keeffe, the company’s Duo system is a novel transcatheter heart valve that operates as a safe and effective treatment for tricuspid regurgitation, a common heart condition that occurs when valves do not close properly.

The condition, which causes blood to leak backward is associated with significant morbidity and reduced life expectancy.

Founded by O’Keeffe in 2019 as a spin-out from Trinity’s Centre for Bioengineering, CroíValve intends to use the new financing to fund a new feasibility study for its device.

“This financing is a testament to the unmet need for treating tricuspid regurgitation and the potential of the Duo System to treat more patients with a reproducible and intuitive procedure,” said O’Keeffe, the company’s chief executive.

The funding follows a successful study which demonstrated sustained reductions in tricuspid regurgitation and marked improvements in patient quality of life metrics for those treated with the company’s medical device.

CroíValve previously raised around €11 million from backers, including €8 million in a funding round two years ago.

By Charlie Taylor of The Business Post.