It’s not even Valentine’s Day yet, but February has already been a big month for fundraising in the cardiology space. Over the course of just two days, in fact, three different companies announced key investments that will help them push forward in the months ahead.
1. Avicenna.AI raises 7 million euros (approximately $7.5M)
Avicenna.AI, a French artificial intelligence (AI) startup focused on medical imaging technologies, finalized a Series A financing round worth 7 million euros, or approximately $7.5 million.
Avicenna.AI is known for its AI-powered solutions dedicated to identifying signs of small vessel occlusions, large vessel occlusions, intracranial hemorrhages, aortic dissections and pulmonary embolisms. Radiologists and cardiologists alike can benefit from how these solutions ramp up detection and reduce errors that can lead to findings being missed altogether.
The company announced its news on Feb. 8, noting that it hopes to build on the successes seen in 2022 and “scale up” in 2023.
“Last year was pivotal for Avicenna.AI, with huge growth in the deployment of our solutions around the world, and very positive feedback from our partners and users alike," Cyril Di Grandi, co-founder and CEO of Avicenna.AI, said in a prepared statement. “We have created the conditions to accelerate the extension of our portfolio within our emergency suite but also outside our initial scope. We have finally obtained the first patents that will allow us to consolidate our position as a leader in the field with a disruptive approach to the use of deep learning in therapeutic decision-making. This new investment reflects the continued confidence of our investors and signifies our readiness to become a dominant force in healthcare AI.”
2. Ostial Corp raises $7.5M
Ostial Corporation, a California-based healthcare company specializing in aorto-ostial interventions, has closed a Series C financing round worth $7.5 million. Delos Capital led the round, and AMED Ventures and additional previous investors in the company also participated.
The funds are expected to go toward commercializing the FLASH Aorto-Ostial Angioplasty System, Ostial’s dual-balloon angioplasty catheter developed with aorto-ostial stenting in mind. Ostial hopes to double its sales force with this funding and expand its clinical research capabilities.
“Aorto-ostial stenting represents a growing worldwide 'neck to waist' market opportunity,” stated Michael Lankford, Ostial’s vice president of sales and business development, said in a prepared statement dated Feb. 8. “With this new influx of capital, our field team will have the opportunity to cast a wider net and make the FLASH System available to more physicians seeking to confidently treat challenging aorto-ostial lesions.”
3. Tioga Cardiovascular raises $30M
Tioga Cardiovascular, a healthcare technology company focused on transcatheter mitral and tricuspid valve replacement solutions, has announced the closing of a Series C financing round worth $30 million. Cormorant Asset Management led the funding round, which is expected to go toward developing new solutions, completing pre-clinical testing and launching first-in-human clinical trials.
“Tioga is committed to providing physicians and patients with a next-generation transcatheter intervention that is less invasive, more adaptable and streamlines procedural workflows,” Mike Dineen, president and CEO of Tioga Cardiovascular, said in a prepared statement. “We are proud of the incredible work our team has accomplished and are grateful for the strong, continued support from our investors as we continue to advance our mission.”
Tioga Cardiovascular is a private portfolio company of Shifamed LLC.
Michael has more than 16 years of experience as a professional writer and editor. He has written at length about cardiology, radiology, artificial intelligence and other key healthcare topics.