Cather ablation technology maker Endosense announced the close of a $40.3 million Series C funding round this week, supported by new and existing investors in the Geneva-based company.
Funding was led by new investor NGN Capital but drew "large participation" from all existing investors as well as from employees, according to a press release.
Endosense plans to use the funds for sales and development around its TactiCath Quartz force-sensing catheter, including building a European sales team to support commercial efforts in the region and completing its U.S. clinical trials and completing its FDA submission to launch the device in the U.S.
Funds will also go toward developing next-generation technologies, the company noted.
Endosense in June won CE Mark approval in the European Union for its 3rd-generation TactiCath Quartz, making it the only company to produce a rival to BioSense Webster with a catheter that can sense the force being applied to heart muscle during cardiac ablation procedures.
"This is very serious player, a committed player. They will build substantial value. And if the number 1 player in the marketplace puts its full corporate weight behind this kind of new technology, it just makes it a bigger pie," Endosense CEO Jan Keltjens, who joined the company just over a year ago, told MassDevice.com during the annual Heart Rhythm Society meeting in Boston earlier this year.
Endosense’s TactiCath Quartz is designed to shorten cardiac ablation procedure times and deliver better outcomes, according to the company.
"The global market for electrophysiology and atrial fibrillation is one of the fastest growing areas in cardiovascular intervention," he added in prepared remarks issued today. "With this round, our investors have indicated their confidence in our ability to continue leading and advancing the field."
Lead Series C round investor NGN Capital’s managing general partner Peter Johann joined Endosense’s board of directors as part of the funding deal, according to a press release.