Atraverse Medical closed a $29.4 million follow-on financing round to help accelerate growth.
The San Diego-based company secured an oversubscribed seed funding round worth $12.5 million last year. This follow-on funding builds on that round, which helped to obtain FDA 510(k) clearance and begin the early rollout of Hotwire. It brings the company’s total funding to more than $40 million in investment capital.
Related: Flux Robotics secures pre-seed funding to accelerate safer magnetic surgeries
Hotwire, a novel radiofrequency guidewire left-heart access device, enables zero exchange left-heart access while acting as a rail for catheter-based therapy systems. Steven Mickelsen, the founder of Farapulse, invented the Hotwire system with co-founder Eric Sauter.
They designed Hotwire to simplify left-heart access through universal sheath compatibility, engineering it for enhanced echogenicity and increased rail stiffness. It advances transseptal access technology, optimizes workflows and supports improved patient ouctomes, according to a news release.
“This financing is a major milestone for Atraverse and underscores our evolution from a startup company to an emerging growth corporation,” commented John Slump, CEO, president and co-founder of Atraverse Medical. “We’re scaling manufacturing, expanding our team, and investing in new product development to build on the HOTWIRE platform. Our investor syndicate includes angel investors, family offices, and medtech entrepreneurs who share our conviction that HOTWIRE™ is setting a new standard as the future of left-heart access.”
