September 1, 2009
Investor, Edmond de Rothchild Investment Partners Leads $36 Million in Series B Funding for Endosense
Based in Geneva, Switzerland, medical technology company, Endosense, announced today that it had just closed $36 million US in series B funding with Edmond de Rothchild Investment Partners or EdRIP leading the round of funding. Other investors who participated in this round of funding include Neomed, Gimv, IV Partners, Sectoral Asset Management, Ysios Capital Partners, and Iniative Capital Romandie.
Founded in 2003, Endosense is a medical technology company that is dedicated to improving the efficacy, safety, and reproducibility of the catheter ablation that is used to treat cardiac arrhythmia. Since its founding, Endosense has pioneered this technology with its Touch+ Sensor Technology.
The Touch+ Sensor Technology, that Endosense has pioneered, is a catheter that has a fiber-optic cable attached to it. This new technology is based on already tested and established sensor technology that is already being used in the civil engineering industry. What makes the Touch+ Sensor Technology so accurate is that the fiber-optic sensor that is located on the catheter tip has the sensitivity of less than one g. Furthermore, the sensor technology used has already been proven and has an intuitive interface.
Proceeds from this round of funding will go to fund the European commercialization of the US pre-market testing and clinical trials of the newest technology that Endosense has to offer, the TactiCath. The TactiCath technology has the same sensor as the Touch+ Sensor Technology has, but the difference is that the TactiCath has the latest in the robotic tactical functions that can accurately map the area of the heart where the arrhythmia occurs for the physician.
According to Dr. Oliver Litzka, partner at EdRIP, Endosense’s TactiCath is positioned in a unique place in the marketplace, because of the potential it has to effectively diagnose cardiac arrhythmia. As far as cardiovascular medicine is concerned, catheter ablation is becoming a growing practice for certain cardio-medical procedures and the market for such technology has great potential. Furthermore, the concept of using force measurement curing an ablation procedure can provide for more accurate results and improve the efficacy of treatment as well as the safety of the patient.
As part of the agreement of this series B funding, Dr. Litzka of EdRIP; Gimv’s Executive Vice President of Life Sciences, Patrick van Beneden; and Diego Braguglia of IV Partners will join Endosense’s board of directors.
EdRIP is the vc arm of the group La Compagnie Financiere Edmond de Rothchild and is dedicated to minority investments into privately owned companies. EdRIP’s industry of choice is the life sciences industry and currently has over €750 million ($1,065,902,891.58) of committed capital under its management, that is mainly used for investments in life science venture and growth capital.
Based in Oslo, Norway and with offices in Boston, Massachusetts and Geneva, Switzerland; Neomed Management is an investment firm that is dedicated to investing in the healthcare and life sciences industries. Other companies in Neomed’s portfolio include Abaxis, Actelion, Aderis Pharmaceuticals, Clavis Pharma, and others.
For more information about Endosense, click here.