Cardiorobotics Inc. closed an $11.6 million Series A private equity financing round aimed at funding clinical trials and commercializing its “snake robot” device.
The Pittsburgh-based company, which has business and product development facility located in Newport, R.I., is developing what it calls the cardioARM device, a robotic method to treat heart arrhythmia using a single-port, epicardial procedure.
The standard of care for cardiac arrhythmia typically involves open-heart surgery and a heart-lung machine, which performs the work of those organs while surgeons work on the heart.
Cardiorobotics claims its device will transform that lengthy, complex procedure into one involving only a small incision, no heart-lung machine and about an hour’s time.
The funding round (PDF), led by Eagle Ventures, also involved the Pittsburgh Life Sciences Greenhouse, the Slater Technology Fund and other, un-named investors.