FineHeart Raises €6.41M in a Series A Financing Led by Broadview Ventures

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US/French Syndicate Funding the Development of FineHeart’s ICOMS device: A Minimally Invasive Wirelessly-Powered Implantable Device for Heart Failure.

"The investment we have made in FineHeart reflects our commitment to supporting companies with cutting edge technologies that have the potential to transform medical practice…"

FineHeart, a Bordeaux-based medical device company focused on creating innovative technologies in the cardiovascular space, has raised 6.41 million euro in a Series A financing. The funds, which have come from a total of six investors led by Broadview Ventures (Boston, MA), will be used to finance the development of FineHeart’s first product.

The patented FineHeart invention, the ICOMS (Implantable Cardiac Output Management System) is a novel, wirelessly powered, fully implantable mechanical circulatory support device that is able to optimize cardiac output while preserving the heart’s innate contractility. It is a game changing therapy for long term circulatory assistance in severe heart failure patients.

FineHeart was founded by a team of four internationally renowned cardiac surgeons and cardiologists, led by Dr. Stéphane Garrigue (ICOMS Inventor) and Dr. Philippe Ritter, co-inventor of cardiac resynchronization therapy, with a vision of making a miniaturized, fully implantable, pulsatile circulatory support system that would overcome many of the challenges associated with left ventricular assist devices (LVADs) currently on market. The overarching goal is to restore normal cardiac output and allow heart failure patients to return to a normal quality of life.

The founding scientists and clinicians have been joined by four managers with specific expertise in the medical device industry, led by Arnaud Mascarell (CEO) and Philippe Plas.

In addition to Broadview Ventures, the Series A financing was comprised of several new investors, including M Capital Partners, an independent Private Equity Fund, Sofimac and Galia Gestion, well-known French Regional Equity Funds, IRDInov, an interregional Seed Fund, and ACI, Aqui invest who manage several very active Seed and Investment Funds in the Southwest of France.

Arnaud Mascarell, CEO of FineHeart, commenting on today's announcement said: "Our ability to raise this level of funding reflects the significant commercial potential of ICOMS for the treatment of heart failure, the second leading cause of mortality in G20 countries. The ICOMS next generation therapy will not only compete with existing devices but will also extend to currently unaddressed heart failure populations. With the funding we have announced today we will be able to finalize device development, complete our preclinical validation and be prepared to launch first-in-man studies."

Dr. Maria Berkman, Director at Broadview Ventures said: "The investment we have made in FineHeart reflects our commitment to supporting companies with cutting edge technologies that have the potential to transform medical practice, particularly in high-unmet need populations such as heart failure. It is our first investment in France and we are pleased to be working with Dr. Stephane Garrigue, Dr. Philippe Ritter and the rest of the world renowned team from the Bordeaux University Hospital."

Dr. Mario Caria, International Director of Sofimac, said: “We have been a strong supporter of this breakthrough concept for a long time, and we are pleased that such a syndicate could be set up. The number of VC funds in Europe entering new ventures in the healthcare space is increasingly scarce. We are proud to play a key role in this space from seed to Series A, in large and international investment rounds like this one, which has been oversubscribed for FineHeart”.

About Broadview Ventures:
Broadview Ventures, Inc. is a venture fund specializing in investments in early stage ventures working in cardiovascular, metabolic, and neurovascular disease. The firm typically invests in companies based in the U.S. and Europe. Broadview Ventures, Inc. was founded in 2008 and is based at Boston, Massachusetts. | Contact: Maria Berkman - mberkman(at)broadviewventures(dot)org

About Sofimac:
Sofimac founded in 1977, is one of the leading players in regional private equity financing in France, providing the funding SMEs need to finance their medium to long-term development. Sofimac, provides equity and quasi-equity financing for businesses at every stage of development: seed capital, startup, development, buy-in, buy-out or distressed. | Contact: Mario Caria - m(dot)caria(at)sofimacpartners(dot)com

About M Capital Partners:
M Capital Partners: is a rapidly growing independent private equity company, specialized in financing small and medium businesses. Midi Capital manages over €190 million and a portfolio of investments of 106 small and medium companies covering a wide range of industrial and service sectors. | Contact: Alexandre Scherer, Directeur fonds d’accélération et investissements digital santé - a(dot)scherer(at)midicapital(dot)fr

About IRDInov:
IRDInov is a seed-capital Fund managed by IRDI Gestion based in Toulouse (France). Since its launch in 2012, with financial backing from FNA (French National Seed Fund) managed by BPI France, IRDI, Midi-Pyrénées and Aquitaine regions, and regional banks and industrial actors, IRDInov focuses its investments on seed-capital for technological projects generated from private and public research institutions. IRDInov has the capability to invest up to 3 million Euros by project in the south-west part of France. | Contact : Jean-Michel Petit, Directeur Général d’IRDInov - jean-michel(dot)petit(at)irdi(dot)fr

About Aquiti Gestion:
Aquiti Gestion is managing several French venture capital and private equity funds (Aquitaine Création Investissement (ACI), Aquitaine Amorçage, Aqui-Invest) in early Stage Venture, Later Stage Venture, and Private Equity Investments. With a wide field of intervention, Aquiti meets the needs of companies in creation, in development or in phase of transmission. Our investments up to 1 M€ in Small and Medium-Size enterprises of Aquitaine favors and increases the institutional and economic regional partnerships. | Contact: Cyril Laugier - cyril(dot)laugier(at)aquiti(dot)fr

About Galia Gestion:
"Founded in 2002, GALIA Management is an AMF authorized investment management company, based in Bordeaux and investing in each target from 300K€ up to 4 million€, in the southwestern part of France. GALIA team invests funds in promising SMEs in the growth or transmission phases, with the objective of creating value. GALIA has raised over € 150 million since its inception and has completed over 150 investments in fifty companies. | Contact : Pierre Arnaud - pierre(dot)arnaud(at)galia-gestion(dot)com

About Aelios Finance:
Founded in 2004, Aelios Finance has become the 1st independent Investment Bank advising SMEs and their shareholders in executing their operations of: fund raising, LBO, sale, transmission and acquisition. In 11 years, thanks to a strong industry expertise and its partners’ entrepreneurial background, Aelios Finance has become a reference player for small and mid-cap. transactions (EV from €5M to €150M) with more than 300 transactions. Aelios Finance is the French member of the M&A International Inc. alliance, providing to its customers a unique access worldwide (1st midmarket worldwide alliance: more than 650 professionals in 47 countries, 1 400+ transactions). | @AeliosFinance


Investor Corporate Lawyer: Gide Loyrette Nouel – Karen Noel, Arnaud de Keulenaer

Company Corporate Lawyer: Fuchs Cohana Reboul & associés – Guillaume Reboul, Olivier Mourain

Company Advisor M&A: Aelios Finance – Jean-Paul Ortelli, Amara Mahroug

Company Financial Advisor Helinnov – Hélène Cima


Lucie Petitjean | lpe(at)aeliosfinance(dot)com | m. +33 6 87 10 17 62 | t. +33 1 43 12 32 12

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Maria Berkman
Broadview Ventures
+1 (617) 536-6660 Ext: 111
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Lucie Petitjean
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