Ysios invests in French cardiac device maker CorWave
10/11/2016
Diego Gutiérrez
Ysios invests in French cardiac device maker CorWave
A month after announcing the closing of its second fund, Ysios has invested in French company CorWave. Thus entering a market that is moving a lot of money, cardiac assistance devices. This round is the first French investment by Ysios, which in addition to Spain has invested in the US, the Netherlands, Belgium, Switzerland and Sweden.

 

Ysios buys CorWave

Ysios has participated in the second round closed by Corware, a medical technology company developing innovative cardiac devices. The €15.5M round was led by Novo Seeds. Ysios has invested €3.3M in the company becoming a major shareholder and will have a seat on the board of directors.

CorWave, founded in 2012, had already made an investment round in 2013 and counts among its shareholders Sofinnova Partners, Bpifrance, Seventure and Medtronic.

The investment is high-risk, as Corwave's research is still in the pre-clinical phase. Even so, forecasts suggest that, if all the remaining stages are successfully completed, the technology could be on the market between 2018 and 2019. Although the investment has now been 3.3 million euros, Ysios is reserving up to 10 million euros for the company.

About Corwave

CorWave develops innovative cardiac assist devices. Its technology is protected by seven patent families. They stem from more than 10 years of research led by AMS R&D and academic laboratories. The company was founded in 2011 by Paris-based incubator MD Start and won the World Innovation Challenge in 2016. The company employs a team of 20 engineers and researchers in the centre of Paris, in the Pepiniere Paris Sante Cochin

The heart failure market

The heart failure market is a market in which a lot of research and money is being invested. Proof of this are the acquisitions made in the last two years in the sector by technology giants, who want to offer solutions in this niche market.

So St-Jude-Abbot bought in July 2015 for $3,4B Thoratec, one of the world leaders in heart pumps, which in April of the same year had won FDA approval for a new product. This company went public on Nasqad in 1996 and in 2014 acquired the company Cardiovascular Apica by $75M.

Medtronicthe second largest medical device manufacturer, has also recently acquired HeartWare for $1.2M. HeartWare specialises in the manufacture of replacement heart valves.
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