The medtech’s Verafeye device helps doctors treat atrial fibrillation using advanced imaging and data analytics.
Irish-German medtech OneProjects has raised $17m in fresh financing to continue development on its 4D cardiac imaging technology.
Of the new funding, $8m was raised in a Series A2 round while $9m was received through two separate Irish and European governmental grants.
Last year, the medial device start-up raised €11m in Series A funding to support the development of its Verafeye technology, which is designed to treat atrial fibrillation.
The Series A2 round was led by Belgium-based VC fund Imec.xpand and saw participation from the European Innovation Council (EIC). Existing investors such as Life Science Partners and Ireland’s Atlantic Bridge also backed the latest round.
The Government of Ireland’s Disruptive Technologies Innovation Fund granted OneProjects $6m (€5.1m) in its awards allocation announced in April. The EIC Fund, which operates under Horizon Europe, added another $3m to boost the development of Verafeye.
Atrial fibrillation is characterised by irregular heartbeats caused by chaotic electric signals overriding the heart’s natural rhythm. It affects an estimated 38m people worldwide.
OneProjects’ Verafeye technology uses advanced imaging and data analytics in conjunction with its catheter-based sensor system to provide 4D data from within the heart, with the aim to increase the efficacy and safety of treatment.
“It’s no surprise that AFib success rates are sub-optimal given the complexity of the procedure and information currently available to physicians,” CEO Fionn Lahart said.
“Our 4D imaging platform improves upon currently available imaging by providing high-precision navigation, procedural planning pre-ablation, and expansive real-time imagery of the heart and tissue during the procedure.”
Next steps and new appointments
OneProjects will use the new funds to complete the development of Verafeye, conduct clinical trials, get FDA approval, and prepare for commercialisation in the US.
“Verafeye can help physicians deliver precision therapy and has value beyond atrial fibrillation to improve any cardiac procedure that can benefit from precise navigation, detailed 4D anatomical imaging and tissue assessment within the heart,” Lahart said.
The company has also appointed former Securus Medical group CEO Steven Girouard as an independent board director. Girouard is an expert in the medical devices industry with executive stints at Johnson & Johnson, Cleveland Clinic and Oakwood Medical Investors.
Founded in 2017, OneProjects is led by Lahart and CTO Christoph Hennersperger. Originating at the BioInnovate Ireland medical device centre in Galway, the founders subsequently advanced their technology concept with Trinity College Dublin and NUI Galway. The company now also has significant development activities in Munich.
“As a European company with offices in Dublin and Munich, we appreciate having exposure and access to these top-tier investors who will enable us to bring Verafeye to market and to develop the next generations of our platform technology,” Lahart added.
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