Swedish MedTech Startup Acorai Secures Over $4.5 Million in Oversubscribed Funding Round

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Acorai, a Swedish medical device manufacturer specializing in heart failure management, has successfully closed an oversubscribed series seed equity round, raising more than $4.5 million. The funding will be utilized to support clinical studies and advance the company towards regulatory approval. This round follows €2.3 million in non-dilutive grant funding and a commitment of €10 million in future equity financing from the European Innovation Council (EIC).

Solardis Health Ventures led the funding round, with participation from KHP Ventures, Carma Fund, and other U.S. investors. Existing investors from Sweden and the European Union also contributed significant follow-on investment.

Designated as a Breakthrough Device by the U.S. FDA in August 2023, Acorai initiated its global clinical study, CAPTURE-HF, with the aim of demonstrating the performance of its heart failure monitoring system. The study, which includes a 1200-patient catheterization study, is set to conclude in 2024.

Dr. Andrew J Sauer, Chief Clinical Advisor to Acorai, emphasized the significance of the CAPTURE-HF study and the company’s unique positioning to address unmet needs in the acute heart failure workflow. Acorai aims to change the paradigm of heart failure management in traditional and acute care settings.

The funding marks a crucial step in Acorai’s journey towards a Series A raise. The company, led by Filip Peters, Jakob Gelberg, Kasper Bourdette, and Matthew Mace, plans to complete its study in 2024. By actively engaging with regulators, Acorai targets market access in the U.S. by 2025.

The focus in the coming months is on completing clinical testing, with plans for a larger capital raise ahead of the commercial launch in 2025. Acorai is scheduled to participate in conferences, including THT in Boston, ACC in Atlanta, and presentations by CEO Filip Peters at VIVE in Los Angeles and the LSI Emerging Medtech conference in Dana Point.

This funding round highlights Acorai’s achievements and the scalability of its platform in addressing critical needs in heart failure management.

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