CardioMEMS Inc., an Atlanta-based developer of wireless medical pressure sensors, has raised $33 million in Series E funding. Arcapita Ventures led the round, and was joined by fellow return backers Boston Millennia Partners, Medtronic, Easton Capital Partners, Foundation Medical Partners, and Arboretum Ventures. New investors included Deerfield Capital Management, Vision Capital Advisors, Aperture Venture Partners and Rockport Venture Securities. This is the same round peHUB reported on back in September, based on a regulatory filing.
CardioMEMS earlier this year pulled registration for an $86.25 million IPO, which it said would have been “discretionary.” At the time, it had raised $52.6 million in VC funding.
CardioMEMS, Inc., the pioneer in wireless sensing for the management of chronic cardiovascular diseases such as Heart Failure, today announced the closing of its Series E Preferred Stock financing for $33 million of equity funding led by Arcapita Ventures. Joining Arcapita in this financing round are existing investors Boston Millennia Partners, Medtronic, Inc., Easton Capital Partners, Foundation Medical Partners, and Arboretum Ventures, along with new investors Deerfield Capital Management, Vision Capital Advisors, Aperture Venture Partners and Rockport Venture Securities.
“We are pleased with the continued support of Arcapita Ventures and our existing and new investors,“ stated Jay Yadav, MD, Chairman and CEO of CardioMEMS, Inc. “This is a very exciting time for CardioMEMS as we conduct our randomized trial aimed at reducing heart failure hospitalizations with our wireless sensing technology. The absence of leads and batteries in our technology, we believe, provides a substantial safety advantage.“
“We continue to be impressed with the rapid progress CardioMEMS has made in all aspects of their business,“ stated John Huntz, Executive Director at Arcapita. “We believe that CardioMEMS' focus on improving the management and treatment of chronic diseases along with a superior combination of managerial talent, innovative technology, intellectual property and operational effectiveness has ideally positioned them for continued growth and success.“
The Board of Directors of CardioMEMS also announced that it has appointed Daniel H. Bauer as Chief Financial Officer of the Company. Previously, Dan was CFO for Granite City Food and Brewery (NASDAQ: GCFB) and Church's Chicken, a division of AFC Enterprises, Inc. (NASDAQ: AFCE). Dan will be a member of the executive team at CardioMEMS responsible for developing and executing the company's strategic objectives as well as leading all accounting and financial activities. “We believe that Dan's extensive financial experience and corporate accounting expertise will be of immense value to CardioMEMS as we rapidly grow our existing business and begin to enter new markets,“ said Jay Yadav.
About CardioMEMS, Inc.
CardioMEMS is a medical device company that has developed and is commercializing a proprietary wireless sensing and communication technology for the human body. Our technology platform is designed to improve the management of severe chronic cardiovascular diseases such as aneurysms, heart failure and hypertension. Our miniature wireless sensors can be implanted using minimally-invasive techniques and transmit cardiac output, blood pressure and heart rate data which are critical to the management of patients. Our sensors are designed to be permanently implanted into the heart and blood vessels due to their small size, durability, and lack of wires and batteries. Using radiofrequency, or RF, energy, our sensors transmit real-time data to external electronic readers which then communicate this information to the patient's physician. We believe frequent, on-demand, real-time monitoring of vital information enables proactive patient management, which holds the promise of reducing hospitalizations, improving a patient's quality of life and delivering more efficient and cost effective health care.
CardioMEMS is located in Atlanta, GA and is privately held. More information about the company can be found at www.cardiomems.com.
About Arcapita Ventures
Arcapita Ventures, the venture capital arm of Arcapita Bank B.S.C.(c), partners with outstanding entrepreneurs to build market-leading companies. Arcapita Ventures focuses on growth-stage enterprises across the United States in the healthcare, information technology and industrial technology sectors. Arcapita Bank, a leading international investment firm with offices in Atlanta, London, Bahrain and Singapore, has completed investments with a total transaction value of over $19 billion in its four lines of business, corporate investment, real estate investment, asset-based investment and venture capital. The Bank employs 253 people at its four offices. Contact Arcapita Ventures at (404) 920-9000, via e-mail at email@example.com or on the web at www.arcapita.com.