Puzzle Medical announced today that it closed a funding round worth approximately $30.15 million (CAN$43 million).
KF Matheson and Desjardins Capital led the financing for the Montreal, Quebec-based company. Lumira Ventures, Longview Ventures, BDC Capital and existing investors also participated.
This latest funding round adds to the $25 million brought in by Puzzle back in 2023.
The company plans to use the funds to refine its percutaneous heart pump and its novel features. It aims to advance clinical studies to assess the system’s safety and efficacy while scaling its team to support growth. As part of the round, the company added Kris Shah and David Prim to its board as members. Daniel Hetu and Steven Abrams join as observers.
Puzzle Medical — founded in 2018, — featured on our list of startups to look out for in 2020. The company develops its heart pump technology to treat heart failure and offer better quality of life. The investigational device features a modular design, allowing for safe implantation to support both renal and cardiac function through 4mm pumps anchored in parallel in the descending aorta.
The long-term, percutaneous, transcatheter heart pump could potentially provide a less-invasive alternative to more common left ventricular assist devices (LVADs).
“Given the current macroeconomic landscape, this funding is a true testament to the impact of our work, the dedication of our team, and the unwavering support of our investors,” said Jade Doucet-Martineau, CEO and co-founder of Puzzle Medical. “These funds will accelerate our mission to transform the treatment of advanced heart failure.”
