Marseille, France-based Volta develops technology to assist electrophysiologic physicians in treating complex cardiac arrhythmias. In December 2020, the FDA cleared Volta’s VX1 AI software for interventional cardiac electrophysiology.
The tool uses machine and deep learning algorithms. It assists operators in the real-time manual annotation of 3D anatomical and electrical maps of the human atria. Its uses included during an Afib or atrial tachycardia. Volta believes the detection and patient-specific localization of abnormal regions may eventually help physicians better decide where they need to intervene to burn (radiofrequency) or freeze (cryotherapy) faulty electrical pathways.
VX1 could offer a faster and more accurate way to identify zones of interest in patients suffering from chaotic heart muscle contractions.
“There is a critical need to improve precision and consistency in cardiac ablation procedures for patients with persistent AFib,” said Theophile Mohr Durdez, Volta Medical CEO and co-founder. “With half of these patients requiring repeat treatments, clinicians need tools that enable them to better understand the disease and drastically improve patient outcomes. We believe Volta’s VX1 has the potential to do just that in a consistent, reproducible way. We are most grateful to the teams at Vensana, Lightstone, and Gilde for their support and confidence as we partner to further validate our products and expand access to it globally.”
Volta’s planned use of proceeds plus a personnel change
The $37.9 million Series B brings its total capital raised to more than $73.7 million (€70 million). Volta also brought in $28 million in January 2021.
Vensana Capital led the funding. Lightstone Ventures and existing investor Gilde Healthcare provided co-investment. Volta said it earmarked the funding to accelerate new product development. It also plans to use it to support additional clinical trials, prepare for U.S. commercialization and pursue further regulatory approvals.
In addition to the funding, the company announced the appointment of a new CFO. John Slump, most recently the CFO of Surgical Innovation Associates (acquired by Integra), joined the company.
“I’m excited to join the Volta Medical team and am pleased with our ability to attract significant equity investment from both new and existing investors in an increasingly challenging fundraising climate,” Slump said. “Volta VX1 has the potential to make a major difference in the lives of millions of people with AFib, and this Series B financing will help to accelerate its development and adoption nationally and across the globe.”
$1 = €0.949718