Oversubscribed Funding Round Nets Acorai Millions of Dollars

Acorai is significantly richer these days, having closed an oversubscribed series seed equity round of more than $4.5 million.

The money will be used to finance the company’s clinical studies and seek regulatory approval. The financing follows a €2.3 million non-dilutive grant and €10 million in future equity financing from the European Innovation Council (EIC).
 
The round was led by Solardis Health Ventures, with participation from KHP Ventures, Carma Fund, and other U.S. investors. Significant follow-on investment was taken from existing investors in Sweden and the European Union.
 
After winning U.S. Food and Drug Administration Breakthrough Device designation last summer, Acorai started its global clinical study CAPTURE-HF, and aims to have its monitoring system ready for clinical use. Concluding in 2024, the study aims to demonstrate the performance of the device through a 1,200-patient catheterization study. The team, led by Filip Peters, Jakob Gelberg, Kasper Bourdette, and Matthew Mace, is planning to complete the study in 2024, and through active engagement with regulators, Acorai is targeting U.S. market access by 2025.
 
“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 positioned 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 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.” 
 
The company is now focusing on completing clinical testing and raising more capital ahead of commercial launch next year. 
 
Acorai is developing a non-invasive intracardiac pressure monitoring device to improve heart failure management. Its monitoring system is built upon the patented SAVE Sensor System, a proprietary, non-invasive hardware and machine learning platform. 
Acorai is backed by Solardis Health Ventures, KHP Ventures, GA Investors, and Life Science Invest with a seasoned medical device team and corporate advisory board with experiences from several major OEMs, and has established clinical partnerships with hospitals.