Acorai successfully closes $4 million financing round

Swedish MedTech start-up Acorai successfully closes $4 million financing round to fund clinical trials and move one step closer to regulatory approval.

Helsingborg, Sweden - Swedish start-up Acorai, a manufacturer of medical devices for heart failure treatment, today announced the closing of an oversubscribed $4 million series seed equity financing round. The funds will be used for clinical trials and regulatory preparations, having already secured €2.3 million in non-dilutive grants and €10 million in future equity funding from the European Innovation Council (EIC).

The funding round was led by Solardis Health Ventures, with participation from KHP Ventures, Carma Fund and other US investors. Existing investors from Sweden and the EU also participated.

What does Acorai do

Acorai is developing a non-invasive intracardiac pressure monitoring device to improve heart failure treatment for more than 64 million patients worldwide. The monitoring system was designated a breakthrough device by the FDA in 2023 and is based on the patented SAVE Sensor System, a non-invasive hardware and machine learning platform.

Acorai is backed by Solardis Health Ventures, KHP Ventures, GA Investors and Life Science Invest, with an experienced medical device team and a corporate advisory board with experience from GE Healthcare, Verily & Abbott. Clinical partnerships are in place with leading hospitals worldwide.

Acorai on the way to market launch

Following FDA Breakthrough Device Designation in August 2023, Acorai began the CAPTURE-HF clinical trial globally. The aim is to prepare the monitoring system for clinical use by 2024. The final 1200-patient catheterization study will demonstrate device performance.

Chief Clinical Advisor, Dr. Andrew J Sauer, commented matter-of-factly, "CAPTURE-HF demonstrates the team's focus on the science to enable full use of the device at launch. The funding confirms that Acorai is well positioned to transform the management of heart failure."

Outlook for Series A funding

The team plans to complete the study in 2024 and is targeting market access in the US by 2025 through active regulatory interactions. The focus is on completing clinical trials to secure a major funding round before the planned market launch in 2025. CEO Filip Peters will be present at conferences, including VIVE in Los Angeles and the LSI Emerging Medtech Conference in Dana Point.

As recently as November 2023, we reported on a grant of 2.3 million euros from the European Commission to the startup.