CardioMech is a technology company.
CardioMech has raised $19.0M across 1 funding round.
CardioMech has raised $19.0M in total across 1 funding round.
CardioMech AS is a clinical-stage medical technology company developing the CardioMech MVRS, a transfemoral, transseptal catheter-based device for mitral valve repair.[1][2][3] It builds an artificial chord system to treat degenerative mitral regurgitation (DMR) by replacing broken or elongated native chordae tendineae, reducing or eliminating blood leakage while restoring native heart anatomy on a beating heart.[1][2] The device serves patients with DMR—the most common heart valve disease, affecting millions—who are eligible for surgery or deemed inoperable, offering a less-invasive alternative to open-heart procedures and potentially avoiding watchful waiting.[2][3][4] It addresses limitations of current therapies like MitraClip by enabling simpler, sub-hour procedures (one or two chords), no cardiac arrest, and preservation of future treatment options.[2]
The company, based in Trondheim, Norway, with development in Fridley, Minnesota, has raised $42 million total, including a $13 million round in January 2024 from existing and new investors, signaling strong growth momentum toward first-in-human trials and commercialization.[1][3][4]
Founded by Jacob Bergsland, CardioMech emerged from the need for minimally invasive solutions to mitral regurgitation, a condition causing backward blood flow due to faulty valve closure.[3] The Norwegian company, established around 2018, developed its core technology in Trondheim while expanding operations to Fridley, Minnesota, for clinical advancement.[2][6] Early traction came via an $18.5 million Series A in 2020, led by a strategic investor, Hadean Ventures, and Investinor, funding first-in-human feasibility studies listed on clinicaltrials.gov.[2][4] By 2024, a follow-on $13 million round brought total funding to $42 million, with leadership under President and CEO Rick Nehm driving pivotal moments like device refinement for transfemoral delivery.[1][3][4] This evolution reflects a shift from concept to clinical-stage, humanizing the mission through patient-focused innovation in a high-need cardiovascular space.[4]
CardioMech rides the explosive growth in transcatheter heart valve technologies, mirroring TAVR's success (a $4 billion market) but targeting the larger mitral regurgitation space, projected to expand from $2.5 billion in 2021 to $5.7 billion by 2031 at 8.8% CAGR.[3][4] Timing aligns with rising demand for minimally invasive cardiology amid aging populations and DMR prevalence as the third-most common cardiovascular disease.[3][4] Favorable market forces include regulatory momentum for investigational devices, investor interest in medtech (evidenced by $42 million raised), and clinical trial infrastructure like its Early Feasibility Study.[1][2] It influences the ecosystem by challenging surgical dominance, potentially lowering costs and risks, and fostering competition that accelerates innovation in chordal repair.[2][4]
CardioMech is poised for pivotal trial advancements and FDA/CE Mark pathways post-2024 funding, with early feasibility data likely driving Series B or partnerships by 2026-2027.[1][2] Trends like AI-guided imaging and combo therapies will shape its path, amplifying procedural ease amid a booming structural heart market.[3][4] Its influence may evolve from niche innovator to standard-of-care leader, transforming DMR treatment and reducing surgical burdens—echoing its founding vision of accessible, anatomy-preserving repair.[2][3]
CardioMech has raised $19.0M in total across 1 funding round.
CardioMech's investors include Investinor.
CardioMech has raised $19.0M across 1 funding round. Most recently, it raised $19.0M Series A in August 2020.
| Date | Round | Lead Investors | Other Investors |
|---|---|---|---|
| Aug 1, 2020 | $19.0M Series A | Investinor |