CorWave Secures €61 Million Funding for Industrial Deployment and Clinical Trials
CorWave, a medical technology company focused on improving the lives of heart failure patients, has successfully raised €61 million in funding. The funds will support the company’s first industrial deployment and facilitate its entry into clinical trials. Key investors in this funding round include the SPI fund, managed by Bpifrance on behalf of the French Government as part of France 2030, and prominent family-controlled entrepreneurial groups.
Established in 2012, CorWave aims to help healthcare professionals save heart failure patients and enhance their quality of life. The company aspires to become a globally renowned medtech company by leveraging its groundbreaking wave membrane pump technology, which forms the basis of its next-generation heart pump.
The SPI fund, managed by Bpifrance, has made a significant contribution of €15 million to this capital increase. Additionally, European investors and entrepreneurs with extensive industrial backgrounds have invested €11 million, including Exor Ventures (controlled by the Agnelli family, known for Ferrari and Stellantis) and Vlerick Group (specializing in textile and metal engineering).
The infusion of funds will enable CorWave to finance its forthcoming development stages. The company has already initiated its industrial transformation and is preparing to inaugurate its manufacturing facility in Clichy, located on the banks of the Seine.
Magali Joëssel, Managing Director of the SPI fund, expressed admiration for CorWave’s value proposition and its potential to address heart failure, a significant public health concern. The SPI fund’s support for CorWave aligns perfectly with its objective of partnering with industrial start-ups manufacturing high-value products in France.
Louis de Lillers, CEO of CorWave, expressed his enthusiasm for the company’s new reference shareholders, who possess extensive industrial expertise. He highlighted the notable investments from the SPI fund, Exor Ventures, and Vlerick Group, emphasizing the rigorous selection process that recognized the value of CorWave’s disruptive product and the dedication of its teams. With these funds, CorWave is poised to fulfill its mission of improving the lives of advanced heart failure patients worldwide.
During the initial closing of Round C, CorWave raised €35 million from existing investors such as Sofinnova Partners, Seventure Partners, Bpifrance, Novo Holdings, and Ysios Capital, as well as new investors including the EIC Fund, Arbevel, and M&L Healthcare. Notably, this transaction marks the European Commission’s first direct equity investment through the EIC Fund since its establishment.