Atraverse Medical announced today that it closed a $29.4 million follow-on financing round to help accelerate growth.
The San Diego-based company secured an oversubscribed seed funding round worth $12.5 million last year. This follow-on funding builds on that round, which helped to obtain FDA 510(k) clearance and begin the early rollout of Hotwire. It brings the company’s total funding to more than $40 million in investment capital.
Hotwire, a novel radiofrequency guidewire left-heart access device, enables zero exchange left-heart access while acting as a rail for catheter-based therapy systems. Steven Mickelsen, the founder of Farapulse, invented the Hotwire system with co-founder Eric Sauter.
They designed Hotwire to simplify left-heart access through universal sheath compatibility, engineering it for enhanced echogenicity and increased rail stiffness. It advances transseptal access technology, optimizes workflows and supports improved patient ouctomes, according to a news release.
“This financing is a major milestone for Atraverse and underscores our evolution from a startup company to an emerging growth corporation,” commented John Slump, CEO, president and co-founder of Atraverse Medical. “We’re scaling manufacturing, expanding our team, and investing in new product development to build on the HOTWIRE™ platform. Our investor syndicate includes angel investors, family offices, and medtech entrepreneurs who share our conviction that HOTWIRE™ is setting a new standard as the future of left-heart access.”
