NEWPORT – Cardiorobotics Inc., a maker of robotic surgical tools, has closed an $11.6 million round of Series A financing led by Eagle Ventures, a Pittsburgh-based angel investor fund, and that includes another investment by the Slater Technology Fund, the state venture capital agency.
Since 2007, Slater has invested $750,000 in Cardiorobotics, which was known as Innovention Technologies LLC before changing its name last year. The company is based in Newport but incorporated in Delaware.
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Cardiorobotics’ main product candidate, cardioARM, is described by Slater as “a snake robot for minimally-invasive cardiac interventions, such as treatments for patients suffering with heart arrhythmias.” The company says it would reduce the risk faced by cardiac patients compared with standard cardiac surgery.
“Cardiorobotics has made major strides toward its goal of becoming a leader in surgical robotics,” Richard G. Horan, Slater’s senior managing director, said in a statement. “We are pleased to join with others to support the company as it moves into the critical phases of clinical trials and commercialization.”
The $11.6 million in funds announced today will be used to continue research and development on cardioARM, including a clinical trial on patients, which is expected to begin later this year, and the completion of a commercial test product to submit to regulators in the U.S. and European Union.
“We’re pleased to have the Slater Technology Fund and other investors share our vision in providing single-port, off-pump treatments for patients with heart arrhythmias,” Dr. Samuel Straface, Cardiorobotics’ president and CEO, said in a statement.
Cardiorobotics was founded in 2005 as Innovention as part of a collaboration between researchers at Carnegie Mellon University and the University of Pittsburgh. The two schools are still involved in research for the company.
Cardiorobotics established commercial operations in Newport in 2007 after receiving a $500,000 investment from the Slater Fund, which kicked in another $250,000 last year as part of a $1.1 million bridge financing round, which was subsequently rolled into the Series A financing.
The company employs 13 people in Pittsburgh and Newport.
Additional information is available at Cardiorobotics.com.
