Volta Medical Secures €36M in Series B Funding to Support Adoption of its AI Software for Cardiac Ablation, New CFO Introduced
- New round of financing led by Vensana Capital will support technology platform expansion and further validating VX1, Volta’s Artificial Intelligence (AI) Decision-Support Software in improving catheter ablation for complex cardiac arrhythmias
- Medical device executive John Slump joins as Chief Financial Officer
MARSEILLE, France, Jan. 05, 2023 (GLOBE NEWSWIRE) -- Volta Medical, a pioneering health technology company developing artificial intelligence (AI) solutions to assist electrophysiologist physicians in treating complex cardiac arrhythmias such as atrial fibrillation (AF), today announced €36 million in new Series B funding, bringing the total capital raised to over €70 million.
The funding round was led by U.S.-based Vensana Capital with co-investment from Lightstone Ventures and existing investor Gilde Healthcare. The funding will help accelerate new product development, support additional clinical trials, prepare for full-scale US commercialization, and pursue further regulatory approvals. The company’s lead product, VOLTA VX1, is the first commercially available AI decision-support software to help guide physicians with identification and real-time annotation of unique abnormalities (so called “dispersed electrograms”) on 3D anatomical and electrical maps of the heart. This technology ultimately may lead to optimized catheter-ablation procedures for complex arrhythmias, including persistent AF.
“There is a critical need to improve precision and consistency in cardiac ablation procedures for patients with persistent AF,” said Theophile Mohr Durdez, Volta Medical CEO and co-founder. “With half of these patients requiring repeat treatments, clinicians need tools that enable them to better understand the disease and drastically improve patient outcomes. We believe VOLTA’s VX1 has the potential to do just that in a consistent, reproducible way. We are most grateful to the teams at Vensana, Lightstone, and Gilde for their support and confidence as we partner to further validate our products and expand access to it globally.”
“Volta Medical’s technology is designed to redefine how electrophysiologists make real-time decisions in pinpointing areas relevant to atrial fibrillation persistence,” said Justin Klein, MD, JD, co-founder and managing partner of Vensana Capital. “We applaud the team’s commitment to validating their products with an investment in multiple high quality clinical trials. We are confident that Volta’s innovative AI software will transform the effectiveness and efficiency of these challenging procedures.”
Volta Medical also is pleased to announce the appointment of experienced medical device executive, John Slump, as CFO of Volta Medical. A seasoned operator in the industry, John has a proven track record as a founder and CFO, leading multiple MedTech companies from concept through regulatory approvals, commercial growth, and strategic acquisitions. Most recently, he served as CFO of Surgical Innovation Associates, a rapidly growing medical device company in the reconstructive and plastic surgery market that was acquired by Integra LifeSciences. Prior to that, John co-founded FARAPULSE, a medical device company in electrophysiology pioneering novel pulsed field ablation technology that was acquired in 2021 by Boston Scientific. Previously, John served as CFO of Attune Medical, an emerging growth medical device company commercializing proprietary esophageal temperature management devices in electrophysiology and other surgical markets.
“I’m excited to join the Volta Medical team and am pleased with our ability to attract significant equity investment from both new and existing investors in an increasingly challenging fundraising climate,” John said. “VOLTA VX1 has the potential to make a major difference in the lives of millions of people with AF, and this Series B Financing will help to accelerate its development and adoption nationally and across the globe.”
About Volta Medical
Volta Medical is a health technology company developing artificial intelligence software solutions to assist cardiac electrophysiologists during arrhythmia treatment procedures to improve clinical outcomes for patients. Founded by three physicians and a data scientist in 2016 in Marseille, Volta’s overarching goal is to improve cardiac arrhythmia management by developing state-of-the-art, data-driven medical devices trained on large databases of procedural data with the highest standards of data protection. The company’s first product, VX1, is a digital AI companion device and algorithm to assist cardiologists with real-time identification of specific abnormal electrograms (EGMs), known as dispersed EGMs. For more information, visit the company’s website at www.volta-medical.com.
About Vensana Capital
Vensana Capital is a venture capital and growth equity investment firm dedicated to partnering with entrepreneurs who seek to transform healthcare with breakthrough innovations in medical technology. Launched in 2019, Vensana manages $550M in capital and is actively investing in development and commercial stage companies across the MedTech sector, including medical devices, diagnostics and data science, life science tools, digital health, and tech-enabled services. Vensana’s investment team has a history of successfully partnering with management teams behind industry-leading companies including Cameron Health, CardiAQ, Cartiva, CV Ingenuity, Epix Therapeutics, Inari Medical, Intact Vascular, Lutonix, Neuwave Medical, Personal Genome Diagnostics, Sequent Medical, Topera, Ulthera, Veran Medical Technologies, Vertiflex, and Vesper Medical. Learn more at www.vensanacap.com.
About Lightstone Ventures
Lightstone Ventures is a global venture capital firm investing in biotech and MedTech companies pioneering big ideas poised to transform patient outcomes. Lightstone Ventures was founded in 2012 to empower visionary entrepreneurs with the resources and operational guidance necessary to bring their innovative therapeutics and technologies to the patients who need them most. Lightstone Ventures' investment team has led deals resulting in 19 acquisitions and 20 initial public offerings over the last two decades. The firm has offices in Boston, Mass., Menlo Park, Calif., Dublin, Ireland and Singapore. For more information, visit www.lightstonevc.com.
About Gilde Healthcare
Gilde Healthcare is a specialized healthcare investor with two fund strategies: Venture&Growth and Private Equity. The firm operates out of offices in Utrecht (The Netherlands), Frankfurt (Germany) and Cambridge (United States). Gilde Healthcare Venture&Growth invests in fast growing, innovative companies active in (bio)pharmaceuticals, healthtech and medtech that are based in Europe and North America. For more information, please visit www.gildehealthcare.com.
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