Acorai announced today closed an oversubscribed seed equity funding round worth proceeds totaling more than $4.5 million.

Helsingborg, Sweden-based Acorai develops a first-of-its-kind device aimed to improve heart failure management. The non-invasive intracardiac pressure monitoring device aims to improve heart failure management. It received FDA breakthrough device designation in August following positive results from a 350-patient pilot study in Sweden.

The latest funding adds to a $2.5 million grant the company received in November. That grant featured a follow-on investment offer worth $10.7 million for the maximum funding amount.

Solardis Health Ventures led this latest funding round for Acorai. KHP Ventures, Carma Fund and other U.S. investors also participated. Acorai said it also received significant follow-on investment from existing investors in Sweden and across Europe.

The company already kicked off its CAPTURE-HF study and hopes to have its system ready for clinical use. It intends to conclude the 1,200-patient catheterization study in 2024.

“With CAPTURE-HF, the team has really focused on the science to enable the fullest use of this device when it hits the market. This funding further validates that Acorai is a uniquely positioned company to change the paradigm of how patients with heart failure are managed in traditional and acute care settings,” said Dr. Andrew J. Sauer, chief clinical advisor to Acorai. “To my knowledge, this is the only company that has recognized and is adequately addressing the glaringly obvious unmet need within the acute heart failure workflow.

“Raising capital in this environment is tougher than it was even 18 months ago, so it’s a huge achievement of the management team and an example of how truly scalable this platform could be in the right hands.”